SmartRent (NYSE:SMRT) Research Coverage Started at B. Riley Financial

B. Riley Financial started coverage on shares of SmartRent (NYSE:SMRT) in a research note released on Tuesday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $1.75 target price on the stock.

SMRT has been the topic of a number of other research reports. Keefe, Bruyette & Woods reduced their price objective on SmartRent from $1.40 to $1.20 and set a “market perform” rating on the stock in a research report on Monday, July 13th. Weiss Ratings upgraded SmartRent from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $1.48.

SmartRent Stock Performance

SMRT opened at $1.19 on Tuesday. SmartRent has a twelve month low of $0.91 and a twelve month high of $2.20. The firm’s 50-day moving average price is $1.27 and its 200 day moving average price is $1.23.

SmartRent (NYSE:SMRT) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01). SmartRent had a negative net margin of 12.97% and a negative return on equity of 8.50%. The business had revenue of $38.39 million for the quarter, compared to analysts’ expectations of $39.62 million. As a group, sell-side analysts predict that SmartRent will post -0.10 earnings per share for the current year.

Insider Buying and Selling

In other SmartRent news, Director Thomas Bohjalian purchased 40,000 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were bought at an average cost of $1.40 per share, for a total transaction of $56,000.00. Following the completion of the purchase, the director directly owned 766,062 shares of the company’s stock, valued at approximately $1,072,486.80. This trade represents a 5.51% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ana Pinczuk purchased 107,000 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was acquired at an average cost of $1.43 per share, with a total value of $153,010.00. Following the transaction, the director directly owned 385,704 shares in the company, valued at $551,556.72. This trade represents a 38.39% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have bought 267,000 shares of company stock valued at $378,110. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE raised its position in SmartRent by 1,900.9% in the 1st quarter. Bank of America Corp DE now owns 5,387,342 shares of the company’s stock valued at $8,081,000 after purchasing an additional 5,118,096 shares in the last quarter. Punch & Associates Investment Management Inc. grew its position in shares of SmartRent by 163.9% during the first quarter. Punch & Associates Investment Management Inc. now owns 5,032,880 shares of the company’s stock worth $7,549,000 after buying an additional 3,125,595 shares in the last quarter. Kennedy Capital Management LLC acquired a new position in shares of SmartRent during the fourth quarter worth about $4,463,000. Ancora Advisors LLC acquired a new position in shares of SmartRent during the second quarter worth about $1,470,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of SmartRent during the second quarter worth approximately $564,000. 59.42% of the stock is owned by institutional investors and hedge funds.

About SmartRent

SmartRent, Inc provides smart-home and property-management technology for rental housing owners, operators and residents. Its platform is designed to help property managers automate operations, improve the resident experience and manage connected devices across multifamily, single-family rental, student housing and other residential communities.

The company’s offerings include smart access systems, connected thermostats, sensors, leak detection devices and other Internet of Things hardware, supported by cloud-based software.