SmartRent, Inc. (NYSE:SMRT) Receives $2.64 Average Price Target from Brokerages

SmartRent, Inc. (NYSE:SMRT) has received an average rating of “Hold” from the six analysts that are covering the firm, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold recommendation. The average 1 year target price among brokers that have covered the stock in the last year is $2.64.

A number of equities analysts have commented on the stock. Colliers Securities downgraded shares of SmartRent from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 31st. Cantor Fitzgerald lowered SmartRent from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $4.00 to $2.00 in a report on Thursday, August 8th. DA Davidson cut SmartRent from a “buy” rating to a “neutral” rating and reduced their price target for the company from $3.25 to $2.00 in a report on Wednesday, July 31st. BTIG Research lowered SmartRent from a “buy” rating to a “neutral” rating in a report on Friday, August 2nd. Finally, Keefe, Bruyette & Woods downgraded SmartRent from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $3.50 to $2.00 in a report on Thursday, August 8th.

Insider Buying and Selling at SmartRent

In other news, Director Frank Martell purchased 75,000 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was acquired at an average price of $1.63 per share, with a total value of $122,250.00. Following the purchase, the director now directly owns 150,000 shares of the company’s stock, valued at $244,500. This represents a 100.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Frank Martell acquired 75,000 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average cost of $1.63 per share, for a total transaction of $122,250.00. Following the transaction, the director now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CMO Robyn Young bought 14,793 shares of the stock in a transaction on Friday, August 30th. The shares were bought at an average price of $1.70 per share, for a total transaction of $25,148.10. Following the acquisition, the chief marketing officer now owns 52,305 shares in the company, valued at $88,918.50. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. 9.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SmartRent

Several hedge funds have recently modified their holdings of SMRT. Rhumbline Advisers lifted its stake 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 buying an additional 7,597 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of SmartRent by 18.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 53,177 shares of the company’s stock worth $143,000 after purchasing an additional 8,169 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of SmartRent by 12.5% in the second quarter. The Manufacturers Life Insurance Company now owns 76,918 shares of the company’s stock valued at $184,000 after purchasing an additional 8,532 shares during the period. Algert Global LLC acquired a new position in SmartRent in the second quarter valued at $42,000. Finally, Virtu Financial LLC purchased a new position in SmartRent during the first quarter worth about $84,000. 59.42% of the stock is owned by institutional investors and hedge funds.

SmartRent Stock Up 1.2 %

Shares of SMRT stock opened at $1.75 on Monday. The stock’s 50-day moving average price is $1.68 and its 200 day moving average price is $2.12. The stock has a market capitalization of $353.20 million, a PE ratio of -11.67 and a beta of 1.97. SmartRent has a 52-week low of $1.35 and a 52-week high of $3.47.

SmartRent (NYSE:SMRT) last released its earnings results on Wednesday, August 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). SmartRent had a negative net margin of 10.73% and a negative return on equity of 5.68%. The company had revenue of $48.52 million during the quarter, compared to analyst estimates of $51.33 million. During the same period in the previous year, the firm posted ($0.05) EPS. The company’s revenue for the quarter was down 9.1% on a year-over-year basis. Analysts expect that SmartRent will post -0.09 earnings per share for the current fiscal year.

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.