Brokers Set Expectations for SmartRent, Inc.’s Q2 2023 Earnings (NYSE:SMRT)

SmartRent, Inc. (NYSE:SMRT – Get Rating) – Equities researchers at Colliers Securities issued their Q2 2023 earnings per share estimates for shares of SmartRent in a note issued to investors on Thursday, May 18th. Colliers Securities analyst B. Oxford expects that the company will post earnings of ($0.04) per share for the quarter. The consensus estimate for SmartRent’s current full-year earnings is ($0.19) per share. Colliers Securities also issued estimates for SmartRent’s FY2023 earnings at ($0.17) EPS and FY2024 earnings at ($0.03) EPS.

SMRT has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft decreased their price objective on SmartRent from $6.00 to $5.00 and set a “buy” rating for the company in a report on Thursday, March 9th. Morgan Stanley upped their price objective on SmartRent from $2.90 to $3.10 and gave the stock an “equal weight” rating in a research report on Thursday, March 9th. Cantor Fitzgerald lifted their target price on shares of SmartRent from $4.00 to $5.00 in a report on Thursday, May 11th. Finally, Keefe, Bruyette & Woods increased their price target on shares of SmartRent from $3.75 to $4.50 in a report on Thursday, May 11th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $5.48.

SmartRent Stock Down 2.8 %

Shares of NYSE SMRT opened at $3.43 on Monday. SmartRent has a 52 week low of $2.03 and a 52 week high of $6.59. The business’s 50 day moving average price is $2.62 and its 200 day moving average price is $2.62. The firm has a market cap of $684.14 million, a P/E ratio of -7.80 and a beta of 1.85.

SmartRent (NYSE:SMRT – Get Rating) last posted its quarterly earnings results on Wednesday, March 8th. The company reported ($0.09) earnings per share for the quarter, meeting the consensus estimate of ($0.09). SmartRent had a negative return on equity of 21.61% and a negative net margin of 44.05%. The business had revenue of $40.55 million for the quarter, compared to the consensus estimate of $44.80 million.

Insider Buying and Selling

In related news, Director Alana Beard sold 10,000 shares of the company’s stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $3.25, for a total transaction of $32,500.00. Following the completion of the transaction, the director now owns 45,284 shares in the company, valued at approximately $147,173. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 12.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SMRT. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of SmartRent during the 2nd quarter worth approximately $26,000. Royal Bank of Canada increased its stake in shares of SmartRent by 693.6% in the 1st quarter. Royal Bank of Canada now owns 5,571 shares of the company’s stock worth $28,000 after acquiring an additional 4,869 shares during the last quarter. Quantbot Technologies LP raised its holdings in shares of SmartRent by 3,553.6% during the 1st quarter. Quantbot Technologies LP now owns 5,590 shares of the company’s stock worth $28,000 after acquiring an additional 5,437 shares during the period. Steel Peak Wealth Management LLC acquired a new position in shares of SmartRent during the 4th quarter valued at about $32,000. Finally, Simon Quick Advisors LLC purchased a new stake in shares of SmartRent in the third quarter valued at about $33,000. 62.27% of the stock is owned by institutional investors and hedge funds.

About SmartRent

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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.