SmartRent, Inc. (NYSE:SMRT – Get Rating)'s stock price gapped up prior to trading on Friday after Morgan Stanley raised their price target on the stock from $2.80 to $2.90. The stock had previously closed at 2.63, but opened at 2.98. Morgan Stanley currently has an equal weight rating on the stock. SmartRent shares last traded at 2.90, with a volume of 14,705 shares changing hands.
A number of other research firms also recently issued reports on SMRT. Cantor Fitzgerald dropped their price objective on shares of SmartRent from $6.00 to $5.25 in a report on Friday, August 12th. Imperial Capital started coverage on shares of SmartRent in a report on Tuesday, August 16th. They set an "outperform" rating and a $6.00 price objective for the company. DA Davidson dropped their price objective on shares of SmartRent from $7.50 to $6.00 and set a "buy" rating for the company in a report on Friday, August 12th. The Goldman Sachs Group dropped their price objective on shares of SmartRent to $6.00 in a report on Monday, August 15th. Finally, Colliers Securities dropped their price objective on shares of SmartRent to $6.50 in a report on Monday, August 15th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of 6.74.
Get SmartRent alerts:Insiders Place Their Bets
In other SmartRent news, Director Robert T. Best purchased 84,000 shares of the stock in a transaction on Wednesday, August 17th. The stock was acquired at an average cost of 3.65 per share, with a total value of 306,600.00. Following the completion of 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. 12.00% of the stock is currently owned by insiders.
Hedge Funds Weigh In On SmartRent
Hedge funds have recently modified their holdings of the company. Arizona State Retirement System purchased a new position in shares of SmartRent in the second quarter valued at about $107,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of SmartRent during the second quarter valued at about $154,000. GSA Capital Partners LLP purchased a new position in shares of SmartRent during the first quarter valued at about $299,000. CTC Capital Management LLC purchased a new position in shares of SmartRent during the first quarter valued at about $53,000. Finally, Anson Funds Management LP purchased a new position in shares of SmartRent during the first quarter valued at about $293,000. Hedge funds and other institutional investors own 72.74% of the company's stock.SmartRent Stock Up 14.4 %
The firm's 50-day moving average is 2.58 and its 200-day moving average is 3.96. The company has a market cap of $595.20 million, a PE ratio of -5.90 and a beta of 2.03.
SmartRent (NYSE:SMRT – Get Rating) last announced its quarterly earnings results on Thursday, August 11th. The company reported -0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of -0.10 by -0.02. SmartRent had a negative net margin of 67.95% and a negative return on equity of 22.70%. The company had revenue of 42.41 million for the quarter, compared to analysts' expectations of 51.83 million. As a group, equities research analysts anticipate that SmartRent, Inc. will post -0.49 EPS for the current fiscal year.
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.
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