Cantor Fitzgerald Upgrades SmartRent (NYSE:SMRT) to “Hold”

Cantor Fitzgerald upgraded shares of SmartRent (NYSE:SMRT) to a hold rating in a report released on Tuesday,Zacks.com reports.

Separately, Keefe, Bruyette & Woods reduced their price objective on shares of SmartRent from $2.00 to $1.60 and set a “market perform” rating for the company in a research note on Thursday, March 6th. Five analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $2.40.

SmartRent Price Performance

NYSE:SMRT opened at $0.80 on Tuesday. SmartRent has a 1 year low of $0.67 and a 1 year high of $2.98. The stock’s fifty day moving average price is $1.14 and its two-hundred day moving average price is $1.47. The company has a market cap of $154.43 million, a P/E ratio of -6.17 and a beta of 1.83.

SmartRent (NYSE:SMRT) last issued its quarterly earnings data on Wednesday, March 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.04). The company had revenue of $35.37 million for the quarter, compared to analysts’ expectations of $37.78 million. SmartRent had a negative return on equity of 6.08% and a negative net margin of 12.77%. The business’s revenue for the quarter was down 41.3% on a year-over-year basis. During the same period last year, the company posted ($0.02) EPS. On average, analysts expect that SmartRent will post -0.14 earnings per share for the current fiscal year.

Insider Activity

In other news, Director John C. Dorman bought 125,000 shares of the business’s stock in a transaction on Monday, March 10th. The stock was acquired at an average price of $1.20 per share, with a total value of $150,000.00. Following the completion of the purchase, the director now directly owns 229,965 shares in the company, valued at $275,958. This represents a 119.09 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Michael Shane Paladin purchased 43,859 shares of the business’s stock in a transaction on Thursday, March 13th. The shares were acquired at an average price of $1.14 per share, with a total value of $49,999.26. Following the completion of the transaction, the chief executive officer now owns 43,859 shares of the company’s stock, valued at approximately $49,999.26. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 9.00% of the company’s stock.

Institutional Trading of SmartRent

Several hedge funds and other institutional investors have recently bought and sold shares of SMRT. Brighton Jones LLC increased its stake in shares of SmartRent by 76.5% in the first quarter. Brighton Jones LLC now owns 72,742 shares of the company’s stock worth $88,000 after buying an additional 31,530 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in SmartRent by 101.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 34,597 shares of the company’s stock worth $42,000 after acquiring an additional 17,444 shares during the last quarter. ProShare Advisors LLC grew its holdings in SmartRent by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 53,820 shares of the company’s stock worth $94,000 after acquiring an additional 17,710 shares during the last quarter. Millennium Management LLC increased its position in shares of SmartRent by 82.4% in the fourth quarter. Millennium Management LLC now owns 908,769 shares of the company’s stock valued at $1,590,000 after acquiring an additional 410,666 shares during the period. Finally, Land & Buildings Investment Management LLC raised its stake in shares of SmartRent by 4.4% during the fourth quarter. Land & Buildings Investment Management LLC now owns 3,990,266 shares of the company’s stock valued at $6,983,000 after acquiring an additional 167,828 shares during the last quarter. Institutional investors own 59.42% of the company’s stock.

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.