Colliers Securities Forecasts Lower Earnings for SmartRent

SmartRent, Inc. (NYSE:SMRT) – Research analysts at Colliers Securities lowered their FY2024 EPS estimates for SmartRent in a report released on Monday, November 11th. Colliers Securities analyst B. Oxford now expects that the company will post earnings of ($0.15) per share for the year, down from their previous estimate of ($0.11). Colliers Securities has a “Neutral” rating on the stock. The consensus estimate for SmartRent’s current full-year earnings is ($0.12) per share. Colliers Securities also issued estimates for SmartRent’s FY2025 earnings at ($0.17) EPS.

SmartRent (NYSE:SMRT) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). SmartRent had a negative net margin of 12.77% and a negative return on equity of 6.08%. The firm had revenue of $40.50 million for the quarter, compared to analysts’ expectations of $45.94 million. During the same period in the prior year, the company earned ($0.04) EPS. The firm’s quarterly revenue was down 30.3% on a year-over-year basis.

A number of other equities analysts have also commented on the company. Keefe, Bruyette & Woods lowered SmartRent from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $3.50 to $2.00 in a report on Thursday, August 8th. Cantor Fitzgerald downgraded shares of SmartRent from an “overweight” rating to a “neutral” rating and cut their price target for the company from $4.00 to $2.00 in a report on Thursday, August 8th. DA Davidson downgraded SmartRent from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $3.25 to $2.00 in a research report on Wednesday, July 31st. Finally, BTIG Research cut SmartRent from a “buy” rating to a “neutral” rating in a research report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $2.50.

SmartRent Stock Up 1.7 %

SMRT opened at $1.50 on Thursday. SmartRent has a twelve month low of $1.17 and a twelve month high of $3.47. The company has a market capitalization of $287.89 million, a price-to-earnings ratio of -11.50 and a beta of 1.96. The firm has a 50-day moving average price of $1.69 and a 200-day moving average price of $2.02.

Insider Activity at SmartRent

In other news, CMO Robyn Young acquired 14,793 shares of SmartRent stock in a transaction dated Friday, August 30th. The shares were purchased at an average cost of $1.70 per share, for a total transaction of $25,148.10. Following the transaction, the chief marketing officer now owns 52,305 shares of the company’s stock, valued at $88,918.50. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Frank Martell purchased 75,000 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were acquired at an average cost of $1.63 per share, with a total value of $122,250.00. Following the purchase, the director now directly owns 150,000 shares of the company’s stock, valued at approximately $244,500. This trade represents a 100.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CMO Robyn Young acquired 14,793 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were bought at an average cost of $1.70 per share, with a total value of $25,148.10. Following the purchase, the chief marketing officer now owns 52,305 shares of the company’s stock, valued at approximately $88,918.50. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 9.00% of the stock is owned by insiders.

Institutional Investors Weigh In On SmartRent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in SmartRent by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 20,244,087 shares of the company’s stock worth $54,254,000 after buying an additional 386,845 shares during the period. Citigroup Inc. raised its stake in SmartRent by 27.2% in the third quarter. Citigroup Inc. now owns 10,009,518 shares of the company’s stock worth $17,316,000 after buying an additional 2,138,797 shares in the last quarter. Long Pond Capital LP lifted its holdings in SmartRent by 133.1% in the second quarter. Long Pond Capital LP now owns 9,316,093 shares of the company’s stock worth $22,265,000 after buying an additional 5,320,147 shares during the period. Land & Buildings Investment Management LLC boosted its position in SmartRent by 82.0% during the 2nd quarter. Land & Buildings Investment Management LLC now owns 5,658,366 shares of the company’s stock valued at $13,523,000 after acquiring an additional 2,549,856 shares in the last quarter. Finally, Old West Investment Management LLC boosted its position in SmartRent by 4.9% during the 2nd quarter. Old West Investment Management LLC now owns 4,676,165 shares of the company’s stock valued at $11,176,000 after acquiring an additional 220,536 shares in the last quarter. 59.42% of the stock is currently owned by 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.