SmartRent (NYSE:SMRT) Shares Gap Down Following Analyst Downgrade

Shares of SmartRent, Inc. (NYSE:SMRT – Get Rating) gapped down prior to trading on Thursday after Cantor Fitzgerald lowered their price target on the stock from $4.25 to $4.00. The stock had previously closed at $2.74, but opened at $2.66. Cantor Fitzgerald currently has an overweight rating on the stock. SmartRent shares last traded at $2.53, with a volume of 165,974 shares trading hands.

A number of other analysts have also weighed in on the company. Morgan Stanley upped their price objective on SmartRent from $2.80 to $2.90 and gave the stock an “equal weight” rating in a research report on Friday, November 11th. DA Davidson reduced their price target on SmartRent to $5.25 in a research report on Wednesday, November 16th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on SmartRent from $6.00 to $5.00 and set a “buy” rating for the company in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.48.

Institutional Investors Weigh In On SmartRent

A number of institutional investors and hedge funds have recently bought and sold shares of SMRT. SVB Wealth LLC acquired a new stake in shares of SmartRent during the third quarter worth about $72,000. Telemus Capital LLC boosted its holdings in shares of SmartRent by 29.9% in the third quarter. Telemus Capital LLC now owns 37,257 shares of the company’s stock valued at $85,000 after acquiring an additional 8,585 shares during the period. Swiss National Bank purchased a new position in shares of SmartRent during the second quarter worth approximately $930,000. Crestone Asset Management LLC purchased a new position in shares of SmartRent during the third quarter worth approximately $26,000. Finally, Monashee Investment Management LLC purchased a new stake in SmartRent in the 3rd quarter valued at $454,000. 62.27% of the stock is owned by hedge funds and other institutional investors.

SmartRent Stock Performance

The stock has a market cap of $509.76 million, a PE ratio of -5.04 and a beta of 1.86. The firm’s 50-day moving average is $2.77 and its 200 day moving average is $2.66.

SmartRent Company Profile

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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.