SmartRent (NYSE:SMRT) Shares Down 0.4% – Time to Sell?

SmartRent, Inc. (NYSE:SMRT)’s stock price dropped 0.4% during mid-day trading on Thursday. The company traded as low as $1.1550 and last traded at $1.1650. Approximately 722,900 shares changed hands during trading, an increase of 1% from the average session volume of 717,209 shares. The stock had previously closed at $1.17.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Weiss Ratings raised SmartRent from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. Keefe, Bruyette & Woods cut their price objective on SmartRent from $1.40 to $1.20 and set a “market perform” rating on the stock in a research report on Monday, July 13th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, SmartRent presently has a consensus rating of “Reduce” and a consensus price target of $1.20.

SmartRent Trading Down 0.4%

The company’s fifty day simple moving average is $1.27 and its 200 day simple moving average is $1.24. The firm has a market capitalization of $223.23 million, a P/E ratio of -11.65 and a beta of 1.64.

SmartRent (NYSE:SMRT) last announced its earnings results on Wednesday, August 5th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). SmartRent had a negative net margin of 12.97% and a negative return on equity of 8.50%. The company had revenue of $38.39 million for the quarter, compared to the consensus estimate of $39.62 million. On average, analysts predict that SmartRent, Inc. will post -0.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Frank Martell acquired 100,000 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were acquired at an average cost of $1.42 per share, with a total value of $142,000.00. Following the transaction, the chief executive officer owned 3,672,086 shares in the company, valued at $5,214,362.12. The trade was a 2.80% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Thomas Bohjalian bought 40,000 shares of SmartRent stock in a transaction on Wednesday, August 19th. The shares were purchased at an average price of $1.40 per share, for a total transaction of $56,000.00. Following the acquisition, the director directly owned 766,062 shares in the company, valued at approximately $1,072,486.80. This trade represents a 5.51% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased 267,000 shares of company stock worth $378,110 over the last three months. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On SmartRent

Several hedge funds have recently made changes to their positions in SMRT. CTC Alternative Strategies Ltd. purchased a new stake in SmartRent in the first quarter worth $26,000. SummitTX Capital L.P. purchased a new position in SmartRent during the first quarter valued at $34,000. Farther Finance Advisors LLC boosted its holdings in shares of SmartRent by 3,458.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 35,585 shares of the company’s stock valued at $42,000 after buying an additional 34,585 shares in the last quarter. Mozayyx Management LLC bought a new stake in shares of SmartRent during the 4th quarter valued at $81,000. Finally, R Squared Ltd grew its position in shares of SmartRent by 67.1% in the 1st quarter. R Squared Ltd now owns 78,481 shares of the company’s stock worth $118,000 after buying an additional 31,503 shares during the period. 59.42% of the stock is currently owned by institutional investors.

About SmartRent

SmartRent, Inc provides smart-home and property-management technology for rental housing owners, operators and residents. Its platform is designed to help property managers automate operations, improve the resident experience and manage connected devices across multifamily, single-family rental, student housing and other residential communities.

The company’s offerings include smart access systems, connected thermostats, sensors, leak detection devices and other Internet of Things hardware, supported by cloud-based software.