Keefe, Bruyette & Woods Lowers SmartRent (NYSE:SMRT) Price Target to $1.30

SmartRent (NYSE:SMRT) had its price target reduced by analysts at Keefe, Bruyette & Woods from $1.60 to $1.30 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 51.15% from the company’s current price.

Separately, Cantor Fitzgerald raised SmartRent to a “hold” rating in a research report on Tuesday, April 22nd. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $2.33.

SmartRent Trading Down 2.3 %

NYSE SMRT opened at $0.86 on Thursday. The firm’s fifty day moving average price is $1.02 and its two-hundred day moving average price is $1.40. SmartRent has a 1 year low of $0.67 and a 1 year high of $2.98. The firm has a market capitalization of $165.60 million, a P/E ratio of -6.62 and a beta of 1.86.

SmartRent (NYSE:SMRT) last posted its earnings results on Wednesday, May 7th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). SmartRent had a negative return on equity of 6.08% and a negative net margin of 12.77%. The business had revenue of $41.34 million for the quarter, compared to analyst estimates of $40.10 million. On average, research analysts anticipate that SmartRent will post -0.14 EPS for the current fiscal year.

SmartRent announced that its board has authorized a share repurchase plan on Wednesday, May 7th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to purchase up to 27.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Activity at SmartRent

In related news, Director John C. Dorman bought 125,000 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was purchased at an average cost of $1.20 per share, for a total transaction of $150,000.00. Following the transaction, the director now owns 229,965 shares in the company, valued at $275,958. The trade was a 119.09 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Shane Paladin purchased 43,859 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average price of $1.14 per share, for a total transaction of $49,999.26. Following the transaction, the chief executive officer now directly owns 43,859 shares of the company’s stock, valued at $49,999.26. This trade represents a ? increase in their position. The disclosure for this purchase can be found here. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SmartRent

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Virtu Financial LLC bought a new position in SmartRent in the third quarter valued at approximately $26,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of SmartRent during the 4th quarter worth $27,000. Cibc World Markets Corp bought a new stake in shares of SmartRent during the 4th quarter worth $31,000. Avior Wealth Management LLC bought a new stake in shares of SmartRent during the 4th quarter worth $31,000. Finally, SteelPeak Wealth LLC acquired a new stake in SmartRent in the fourth quarter valued at about $34,000. 59.42% of the stock is currently owned by institutional investors and hedge funds.

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.