Colliers Securities Weighs in on SmartRent FY2024 Earnings

SmartRent, Inc. (NYSE:SMRT) – Equities research analysts at Colliers Securities lowered their FY2024 EPS estimates for SmartRent in a report released on Monday, November 11th. Colliers Securities analyst B. Oxford now anticipates that the company will earn ($0.15) per share for the year, down from their previous forecast of ($0.11). Colliers Securities has a “Neutral” rating on the stock. The consensus estimate for SmartRent’s current full-year earnings is ($0.12) per share. Colliers Securities also issued estimates for SmartRent’s FY2025 earnings at ($0.17) EPS.

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

SmartRent Stock Performance

SMRT stock opened at $1.41 on Thursday. SmartRent has a one year low of $1.17 and a one year high of $3.47. The stock has a market capitalization of $271.52 million, a P/E ratio of -10.81 and a beta of 1.96. The company has a 50 day moving average price of $1.69 and a two-hundred day moving average price of $2.02.

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

Insider Transactions at SmartRent

In other news, CMO Robyn Young acquired 14,793 shares of SmartRent stock in a transaction dated Friday, August 30th. The stock was acquired at an average cost of $1.70 per share, for a total transaction of $25,148.10. Following the completion of the purchase, the chief marketing officer now owns 52,305 shares of the company’s stock, valued at $88,918.50. This represents a 39.44 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Frank Martell acquired 75,000 shares of SmartRent stock in a transaction dated Friday, September 6th. The stock was acquired at an average cost of $1.63 per share, with a total value of $122,250.00. Following the completion of the transaction, the director now directly owns 150,000 shares of the company’s stock, valued at $244,500. This trade represents a 100.00 % increase in their position. The disclosure for this purchase can be found here. 9.00% of the stock is currently owned by company insiders.

Institutional Trading of SmartRent

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC bought a new stake in shares of SmartRent in the third quarter worth about $30,000. Algert Global LLC bought a new stake in SmartRent during the 2nd quarter worth about $42,000. Virtu Financial LLC acquired a new position in shares of SmartRent during the 1st quarter worth about $84,000. Price T Rowe Associates Inc. MD increased its position in shares of SmartRent by 18.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 53,177 shares of the company’s stock valued at $143,000 after acquiring an additional 8,169 shares during the last quarter. Finally, Intech Investment Management LLC bought a new stake in SmartRent during the third quarter worth about $106,000. Institutional investors and hedge funds own 59.42% of the company’s stock.

SmartRent Company Profile

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.