Keefe, Bruyette & Woods Lowers SmartRent (NYSE:SMRT) Price Target to $1.20

SmartRent (NYSE:SMRT) had its price target cut by equities research analysts at Keefe, Bruyette & Woods from $1.40 to $1.20 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 17.07% from the stock’s current price.

Separately, Weiss Ratings lowered shares of SmartRent from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, July 1st. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $1.20.

SmartRent Trading Down 0.5%

Shares of SmartRent stock opened at $1.02 on Monday. SmartRent has a 12 month low of $0.90 and a 12 month high of $2.20. The firm has a market capitalization of $197.66 million, a P/E ratio of -7.88 and a beta of 1.51. The business has a fifty day simple moving average of $1.17 and a two-hundred day simple moving average of $1.49.

SmartRent (NYSE:SMRT) last released its earnings results on Wednesday, May 6th. The company reported ($0.02) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.02). The firm had revenue of $36.63 million for the quarter, compared to the consensus estimate of $36.82 million. SmartRent had a negative net margin of 16.58% and a negative return on equity of 10.61%. Analysts predict that SmartRent will post -0.1 earnings per share for the current year.

Insider Buying and Selling at SmartRent

In related news, Director Thomas N. Bohjalian purchased 75,000 shares of SmartRent stock in a transaction dated Wednesday, June 10th. The stock was purchased at an average cost of $1.11 per share, for a total transaction of $83,250.00. Following the completion of the acquisition, the director directly owned 721,062 shares of the company’s stock, valued at $800,378.82. The trade was a 11.61% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Frank Martell purchased 40,260 shares of the stock in a transaction dated Friday, June 5th. The stock was bought at an average cost of $1.13 per share, with a total value of $45,493.80. Following the transaction, the chief executive officer owned 3,225,526 shares in the company, valued at $3,644,844.38. The trade was a 1.26% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired 295,260 shares of company stock worth $339,044 over the last three months. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of SmartRent

A number of institutional investors and hedge funds have recently bought and sold shares of the company. CTC Alternative Strategies Ltd. purchased a new position in SmartRent in the first quarter worth about $26,000. Kanen Wealth Management LLC bought a new position in shares of SmartRent in the third quarter worth approximately $26,000. Neuberger Berman Group LLC purchased a new stake in shares of SmartRent during the fourth quarter valued at approximately $30,000. SummitTX Capital L.P. purchased a new stake in shares of SmartRent during the first quarter valued at approximately $34,000. Finally, Dean Jacobson Financial Services LLC bought a new stake in shares of SmartRent during the fourth quarter valued at approximately $35,000. 59.42% of the stock is currently owned by institutional investors.

SmartRent Company Profile

SmartRent Inc is a technology company that develops smart home and smart building automation solutions for the residential rental housing industry. Its integrated hardware and software platform enables property managers and owners to remotely monitor, manage and control access, energy use and overall resident experience. The company’s product portfolio includes smart locks, thermostats, leak and flood sensors, door and window sensors, security cameras, and a centralized management dashboard that interfaces with leading property management systems.

SmartRent’s platform is designed to streamline operations for multifamily communities and single-family rental portfolios by automating routine tasks such as digital resident self-showings, remote lease turnovers, package management and preventative maintenance alerts.