Wall Street Zen Upgrades SmartRent (NYSE:SMRT) to “Hold”

SmartRent (NYSE:SMRT) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Saturday.

SMRT has been the subject of several other research reports. Keefe, Bruyette & Woods raised their price target on shares of SmartRent from $1.30 to $1.45 and gave the company a “market perform” rating in a research report on Tuesday, August 12th. Zacks Research lowered SmartRent from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 28th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of SmartRent in a research note on Wednesday. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, SmartRent presently has a consensus rating of “Reduce” and a consensus target price of $1.45.

SmartRent Price Performance

Shares of SmartRent stock opened at $1.45 on Friday. SmartRent has a 1 year low of $0.67 and a 1 year high of $1.99. The firm’s 50-day moving average is $1.46 and its 200 day moving average is $1.17. The stock has a market cap of $273.39 million, a price-to-earnings ratio of -4.01 and a beta of 1.84.

SmartRent (NYSE:SMRT) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. The business had revenue of $36.20 million during the quarter, compared to analyst estimates of $36.27 million. SmartRent had a negative net margin of 45.45% and a negative return on equity of 15.10%. On average, equities analysts expect that SmartRent will post -0.14 EPS for the current fiscal year.

Insider Buying and Selling at SmartRent

In other news, CEO Frank Martell bought 50,000 shares of the company’s stock in a transaction on Monday, September 15th. The shares were acquired at an average cost of $1.53 per share, with a total value of $76,500.00. Following the completion of the transaction, the chief executive officer owned 898,204 shares of the company’s stock, valued at approximately $1,374,252.12. This trade represents a 5.89% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Thomas N. Bohjalian purchased 100,000 shares of the business’s stock in a transaction on Tuesday, August 19th. The shares were purchased at an average price of $1.50 per share, with a total value of $150,000.00. Following the completion of the purchase, the director owned 300,000 shares in the company, valued at approximately $450,000. This trade represents a 50.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased 575,000 shares of company stock valued at $801,850 in the last ninety days. 1.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SmartRent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Steinberganna Wealth Management bought a new stake in SmartRent during the 3rd quarter worth approximately $25,000. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of SmartRent in the second quarter worth $27,000. Pallas Capital Advisors LLC raised its position in shares of SmartRent by 128.5% during the 2nd quarter. Pallas Capital Advisors LLC now owns 30,788 shares of the company’s stock valued at $30,000 after purchasing an additional 17,312 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of SmartRent by 101.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 34,597 shares of the company’s stock valued at $42,000 after buying an additional 17,444 shares in the last quarter. Finally, Jump Financial LLC purchased a new position in shares of SmartRent during the 2nd quarter valued at $42,000. 59.42% of the stock is owned by hedge funds and other institutional investors.

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.