Brokerages Set SmartRent, Inc. (NYSE:SMRT) Target Price at $2.64

SmartRent, Inc. (NYSE:SMRT) has been assigned a consensus rating of “Hold” from the six research firms that are covering the firm, MarketBeat reports. Six investment analysts have rated the stock with a hold rating. The average 1 year target price among brokerages that have covered the stock in the last year is $2.64.

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

SmartRent Price Performance

SMRT stock opened at $1.74 on Monday. The company has a market cap of $351.18 million, a price-to-earnings ratio of -11.60 and a beta of 1.97. The company has a fifty day moving average price of $1.67 and a 200 day moving average price of $2.13. SmartRent has a 12 month low of $1.35 and a 12 month high of $3.47.

SmartRent (NYSE:SMRT) last announced its earnings results on Wednesday, August 7th. The company reported ($0.02) 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 business had revenue of $48.52 million during the quarter, compared to analysts’ expectations of $51.33 million. During the same period in the previous year, the company posted ($0.05) earnings per share. SmartRent’s quarterly revenue was down 9.1% on a year-over-year basis. As a group, analysts anticipate that SmartRent will post -0.09 earnings per share for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On SmartRent

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Long Pond Capital LP grew its position in shares of SmartRent by 133.1% in the second quarter. Long Pond Capital LP now owns 9,316,093 shares of the company’s stock valued at $22,265,000 after purchasing an additional 5,320,147 shares during the last quarter. Land & Buildings Investment Management LLC grew its holdings in SmartRent by 82.0% during the 2nd quarter. Land & Buildings Investment Management LLC now owns 5,658,366 shares of the company’s stock valued at $13,523,000 after buying an additional 2,549,856 shares during the last quarter. Blue Door Asset Management LLC increased its position in SmartRent by 41.6% during the first quarter. Blue Door Asset Management LLC now owns 4,424,864 shares of the company’s stock worth $11,859,000 after buying an additional 1,299,283 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of SmartRent by 16.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,248,368 shares of the company’s stock worth $7,763,000 after acquiring an additional 468,619 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of SmartRent by 1.9% in the first quarter. Vanguard Group Inc. now owns 20,244,087 shares of the company’s stock valued at $54,254,000 after acquiring an additional 386,845 shares in the last quarter. 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.