SmartRent FY2024 EPS Forecast Cut by Colliers Securities

SmartRent, Inc. (NYSE:SMRT) – Equities research analysts at Colliers Securities cut their FY2024 earnings per share (EPS) estimates for shares of SmartRent in a report released on Monday, November 11th. Colliers Securities analyst B. Oxford now expects that the company will post earnings of ($0.15) per share for the year, down from their previous forecast of ($0.11). Colliers Securities currently has a “Neutral” rating on the stock. The consensus estimate for SmartRent’s current full-year earnings is ($0.14) per share. Colliers Securities also issued estimates for SmartRent’s FY2025 earnings at ($0.17) EPS.

Several other equities analysts have also commented on SMRT. DA Davidson lowered SmartRent from a “buy” rating to a “neutral” rating and dropped their target price for the company from $3.25 to $2.00 in a research note on Wednesday, July 31st. Cantor Fitzgerald downgraded shares of SmartRent from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $4.00 to $2.00 in a report on Thursday, August 8th. BTIG Research downgraded shares of SmartRent from a “buy” rating to a “neutral” rating in a research note on Friday, August 2nd. Finally, Keefe, Bruyette & Woods lowered shares of SmartRent from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $3.50 to $2.00 in a report on Thursday, August 8th. Five research analysts have rated the stock with a hold rating, According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $2.50.

SmartRent Trading Up 2.1 %

NYSE:SMRT opened at $1.44 on Thursday. The firm has a market cap of $277.30 million, a price-to-earnings ratio of -11.08 and a beta of 1.96. SmartRent has a 12-month low of $1.17 and a 12-month high of $3.47. The company’s 50-day moving average is $1.68 and its two-hundred day moving average is $2.01.

SmartRent (NYSE:SMRT) last posted its earnings results on Wednesday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). The company had revenue of $40.50 million during the quarter, compared to analysts’ expectations of $45.94 million. SmartRent had a negative net margin of 12.77% and a negative return on equity of 6.08%. SmartRent’s quarterly revenue was down 30.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.04) EPS.

Hedge Funds Weigh In On SmartRent

Hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers grew its holdings in shares of SmartRent by 2.9% during the second quarter. Rhumbline Advisers now owns 273,810 shares of the company’s stock valued at $654,000 after purchasing an additional 7,597 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in SmartRent by 18.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 53,177 shares of the company’s stock worth $143,000 after buying an additional 8,169 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in SmartRent by 12.5% in the second quarter. The Manufacturers Life Insurance Company now owns 76,918 shares of the company’s stock worth $184,000 after buying an additional 8,532 shares during the period. State Street Corp lifted its stake in SmartRent by 0.4% in the third quarter. State Street Corp now owns 4,206,322 shares of the company’s stock valued at $7,277,000 after buying an additional 15,642 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of SmartRent during the third quarter valued at $30,000. Institutional investors and hedge funds own 59.42% of the company’s stock.

Insider Activity

In related news, Director Frank Martell purchased 75,000 shares of SmartRent stock in a transaction dated Friday, September 6th. The shares were acquired at an average price of $1.63 per share, with a total value of $122,250.00. Following the completion of the transaction, the director now owns 150,000 shares of the company’s stock, valued at approximately $244,500. This trade represents a 100.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Robyn Young purchased 14,793 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was purchased at an average price of $1.70 per share, with a total value of $25,148.10. Following the completion of the purchase, the chief marketing officer now directly owns 52,305 shares of the company’s stock, valued at approximately $88,918.50. This represents a 39.44 % increase in their position. The disclosure for this purchase can be found here. Insiders own 9.00% of the company’s stock.

About SmartRent

SmartRent, Inc, an enterprise software company, provides an integrated smart home operating system to residential property owners and operators, homebuilders, institutional home buyers, developers, and residents in the United States. The company’s products and solutions include smart apartments and homes, access control for buildings, common areas, and rental units, asset protection and monitoring, parking management, self-guided tours, and community and resident Wi-Fi.