SmartRent (NYSE:SMRT) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen lowered shares of SmartRent (NYSE:SMRT) from a hold rating to a sell rating in a report released on Friday morning.

Several other brokerages have also weighed in on SMRT. Zacks Research upgraded SmartRent to a “hold” rating in a research note on Friday, August 8th. Keefe, Bruyette & Woods lifted their price target on SmartRent from $1.30 to $1.45 and gave the company a “market perform” rating in a research note on Tuesday, August 12th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $1.45.

SmartRent Stock Down 2.4%

Shares of SMRT stock opened at $1.45 on Friday. The stock has a market cap of $271.76 million, a PE ratio of -3.80 and a beta of 1.85. The business has a 50-day simple moving average of $1.35 and a 200-day simple moving average of $1.09. SmartRent has a 52-week low of $0.67 and a 52-week high of $1.99.

SmartRent (NYSE:SMRT) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.02). SmartRent had a negative net margin of 46.54% and a negative return on equity of 14.94%. The company had revenue of $38.31 million during the quarter, compared to analyst estimates of $38.85 million. Sell-side analysts anticipate that SmartRent will post -0.14 earnings per share for the current fiscal year.

Insider Activity at SmartRent

In other news, CEO Frank Martell acquired 50,000 shares of the business’s stock in a transaction on Monday, September 15th. The stock was bought at an average cost of $1.53 per share, for a total transaction of $76,500.00. Following the purchase, the chief executive officer owned 898,204 shares in the company, valued at approximately $1,374,252.12. This represents a 5.89% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Thomas N. Bohjalian acquired 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 $450,000. This represents a 50.00% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 725,000 shares of company stock valued at $989,350. 9.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On SmartRent

Several large investors have recently bought and sold shares of SMRT. Marshall Wace LLP increased its stake in SmartRent by 230.4% during the 2nd quarter. Marshall Wace LLP now owns 2,657,531 shares of the company’s stock worth $2,631,000 after buying an additional 1,853,247 shares in the last quarter. Jane Street Group LLC grew its position in shares of SmartRent by 430.2% in the second quarter. Jane Street Group LLC now owns 1,596,146 shares of the company’s stock valued at $1,580,000 after purchasing an additional 1,295,098 shares in the last quarter. Dimension Capital Management LLC purchased a new stake in shares of SmartRent in the second quarter valued at approximately $1,148,000. AQR Capital Management LLC grew its position in shares of SmartRent by 245.9% in the first quarter. AQR Capital Management LLC now owns 973,783 shares of the company’s stock valued at $1,178,000 after purchasing an additional 692,268 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of SmartRent in the first quarter valued at approximately $498,000. 59.42% of the stock is currently owned by hedge funds and other institutional investors.

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.