Keefe, Bruyette & Woods Cuts SmartRent (NYSE:SMRT) Price Target to $1.60

SmartRent (NYSE:SMRT) had its target price reduced by equities researchers at Keefe, Bruyette & Woods from $2.00 to $1.60 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 18.96% from the stock’s previous close.

SmartRent Stock Up 5.9 %

Shares of NYSE:SMRT opened at $1.35 on Thursday. The firm has a market cap of $259.01 million, a price-to-earnings ratio of -10.35 and a beta of 1.90. SmartRent has a 12 month low of $1.09 and a 12 month high of $2.98. The company’s fifty day simple moving average is $1.52 and its 200 day simple moving average is $1.63.

SmartRent (NYSE:SMRT) last issued its quarterly earnings results on Wednesday, March 5th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.04). The firm had revenue of $35.37 million during the quarter, compared to the consensus estimate of $37.78 million. SmartRent had a negative net margin of 12.77% and a negative return on equity of 6.08%. The business’s revenue for the quarter was down 41.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.02) earnings per share. Research analysts expect that SmartRent will post -0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Citigroup Inc. increased its stake in SmartRent by 27.2% in the 3rd quarter. Citigroup Inc. now owns 10,009,518 shares of the company’s stock valued at $17,316,000 after buying an additional 2,138,797 shares during the last quarter. Clearline Capital LP boosted its holdings in shares of SmartRent by 788.5% in the 3rd quarter. Clearline Capital LP now owns 2,242,696 shares of the company’s stock valued at $3,880,000 after buying an additional 1,990,285 shares during the last quarter. Caprock Group LLC bought a new position in shares of SmartRent in the third quarter valued at $1,997,000. Royce & Associates LP grew its position in shares of SmartRent by 64.2% in the 4th quarter. Royce & Associates LP now owns 1,283,325 shares of the company’s stock valued at $2,246,000 after acquiring an additional 501,890 shares during the period. Finally, Manatuck Hill Partners LLC acquired a new position in shares of SmartRent during the 4th quarter worth about $875,000. Institutional investors and hedge funds own 59.42% 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.