SmartRent (NYSE:SMRT – Get Rating) had its price objective hoisted by Morgan Stanley from $2.80 to $2.90 in a research report released on Friday morning, MarketBeat Ratings reports. The firm currently has an equal weight rating on the stock.
A number of other analysts have also recently issued reports on SMRT. Imperial Capital started coverage on SmartRent in a research report on Tuesday, August 16th. They issued an outperform rating and a $6.00 target price for the company. Cantor Fitzgerald decreased their target price on SmartRent from $6.00 to $5.25 in a research report on Friday, August 12th. The Goldman Sachs Group decreased their price objective on SmartRent to $6.00 in a research report on Monday, August 15th. DA Davidson decreased their price objective on SmartRent from $7.50 to $6.00 and set a buy rating for the company in a research report on Friday, August 12th. Finally, Colliers Securities decreased their price objective on SmartRent to $6.50 in a research report on Monday, August 15th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of 6.74.
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SmartRent Price Performance
Shares of SMRT traded up 0.38 during mid-day trading on Friday, reaching 3.01. The company's stock had a trading volume of 4,586,000 shares, compared to its average volume of 1,376,742. SmartRent has a 12-month low of 2.19 and a 12-month high of 11.94. The stock has a market cap of $595.20 million, a PE ratio of -5.90 and a beta of 2.03. The company's 50 day moving average is 2.58 and its 200 day moving average is 3.97.
SmartRent (NYSE:SMRT – Get Rating) last announced its earnings results on Thursday, August 11th. The company reported -0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of -0.10 by -0.02. The firm had revenue of 42.41 million during the quarter, compared to analyst estimates of 51.83 million. SmartRent had a negative net
margin of 67.95% and a negative return on equity of 22.70%. As a group, sell-side analysts anticipate that SmartRent will post -0.49 EPS for the current fiscal year.
Insider Activity
In other news, Director Robert T. Best acquired 84,000 shares of the company's stock in a transaction that occurred on Wednesday, August 17th. The stock was purchased at an average cost of 3.65 per share, with a total value of 306,600.00. Following the purchase, the director now directly owns 4,905,222 shares of the company's stock, valued at approximately 17,904,060.30. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 12.00% of the company's stock.
Institutional Investors Weigh In On SmartRent
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada boosted its holdings in SmartRent by 693.6% in the first quarter. Royal Bank of Canada now owns 5,571 shares of the company's stock valued at $28,000 after acquiring an additional 4,869 shares during the last quarter. Quantbot Technologies LP increased its position in shares of SmartRent by 3,553.6% during the first 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 last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of SmartRent during the second quarter worth about $26,000. CTC Capital Management LLC purchased a new stake in shares of SmartRent during the first quarter worth about $53,000. Finally, Fox Run Management L.L.C. purchased a new stake in shares of SmartRent during the first quarter worth about $55,000. Hedge funds and other institutional investors own 72.74% of the company's stock.
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.
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