Keefe, Bruyette & Woods Lowers SmartRent (NYSE:SMRT) Price Target to $1.40

SmartRent (NYSE:SMRT) had its price target decreased by analysts at Keefe, Bruyette & Woods from $2.00 to $1.40 in a research note issued on Monday,Benzinga reports. The firm currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 23.35% from the company’s previous close.

Separately, Weiss Ratings upgraded SmartRent from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, May 7th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $1.40.

SmartRent Stock Up 1.3%

Shares of NYSE SMRT traded up $0.02 during midday trading on Monday, reaching $1.14. 140,955 shares of the company’s stock traded hands, compared to its average volume of 1,072,946. The company has a market cap of $218.87 million, a price-to-earnings ratio of -8.73 and a beta of 1.57. The stock’s 50 day simple moving average is $1.47 and its 200-day simple moving average is $1.64. SmartRent has a one year low of $0.78 and a one year high of $2.20.

SmartRent (NYSE:SMRT) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.02) EPS for the quarter, hitting analysts’ consensus estimates of ($0.02). The company had revenue of $36.63 million during 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%. Equities analysts predict that SmartRent will post -0.1 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Frank Martell acquired 100,000 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were purchased at an average price of $1.18 per share, for a total transaction of $118,000.00. Following the completion of the acquisition, the chief executive officer directly owned 3,165,266 shares in the company, valued at $3,735,013.88. The trade was a 3.26% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas N. Bohjalian acquired 150,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The stock was bought at an average cost of $1.74 per share, with a total value of $261,000.00. Following the completion of the transaction, the director directly owned 500,000 shares in the company, valued at $870,000. The trade was a 42.86% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought a total of 300,000 shares of company stock valued at $435,000 in the last three months. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On SmartRent

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Citigroup Inc. grew its holdings in shares of SmartRent by 33.3% during the third quarter. Citigroup Inc. now owns 15,671,673 shares of the company’s stock valued at $22,097,000 after buying an additional 3,915,817 shares during the last quarter. UBS Group AG raised its stake in SmartRent by 28.8% in the 3rd quarter. UBS Group AG now owns 10,448,199 shares of the company’s stock worth $14,732,000 after acquiring an additional 2,335,454 shares during the last quarter. Blue Door Asset Management LLC raised its stake in SmartRent by 5.6% in the 4th quarter. Blue Door Asset Management LLC now owns 5,635,657 shares of the company’s stock worth $11,384,000 after acquiring an additional 298,998 shares during the last quarter. Punch & Associates Investment Management Inc. lifted its position in SmartRent by 163.9% during the 1st quarter. Punch & Associates Investment Management Inc. now owns 5,032,880 shares of the company’s stock worth $7,549,000 after acquiring an additional 3,125,595 shares during the period. Finally, Marshall Wace LLP grew its stake in SmartRent by 34.0% during the 4th quarter. Marshall Wace LLP now owns 3,964,108 shares of the company’s stock valued at $8,008,000 after purchasing an additional 1,006,267 shares during the last quarter. 59.42% of the stock is currently owned by institutional investors and hedge funds.

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.