SmartRent (NYSE:SMRT) Share Price Crosses Above Two Hundred Day Moving Average – Time to Sell?

Shares of SmartRent, Inc. (NYSE:SMRT) passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $1.35 and traded as high as $1.36. SmartRent shares last traded at $1.3550, with a volume of 454,024 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on SMRT shares. Keefe, Bruyette & Woods lowered their price objective on SmartRent from $1.40 to $1.20 and set a “market perform” rating on the stock in a research note on Monday, July 13th. B. Riley Financial initiated coverage on SmartRent in a research report on Tuesday, October 13th. They set a “buy” rating and a $1.75 target price for the company. Finally, Weiss Ratings downgraded SmartRent from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, October 16th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $1.48.

SmartRent Stock Down 1.1%

The firm’s 50-day moving average price is $1.24 and its 200 day moving average price is $1.35.

SmartRent (NYSE:SMRT) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01). SmartRent had a negative return on equity of 8.50% and a negative net margin of 12.97%. The firm had revenue of $38.39 million for the quarter, compared to analyst estimates of $39.62 million. Sell-side analysts predict that SmartRent, Inc. will post -0.10 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Thomas N. Bohjalian purchased 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were bought at an average cost of $1.40 per share, with a total value of $56,000.00. Following the acquisition, the director owned 766,062 shares of the company’s stock, valued at $1,072,486.80. This trade represents a 5.51% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Frank Martell acquired 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was bought at an average cost of $1.42 per share, with a total value of $142,000.00. Following the purchase, 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 ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 267,000 shares of company stock worth $378,110 in the last ninety days. 2.30% of the stock is owned by insiders.

Institutional Trading of SmartRent

A number of hedge funds and other institutional investors have recently modified their holdings of SMRT. CTC Alternative Strategies Ltd. acquired a new stake in shares of SmartRent during the 1st quarter valued at $26,000. SummitTX Capital L.P. acquired a new position in SmartRent in the 1st quarter worth about $34,000. R Squared Ltd increased its holdings in 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 purchasing an additional 31,503 shares in the last quarter. Farther Finance Advisors LLC raised its position in SmartRent by 3,458.5% in the third quarter. Farther Finance Advisors LLC now owns 35,585 shares of the company’s stock valued at $42,000 after purchasing an additional 34,585 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in SmartRent in the second quarter valued at about $199,000. Institutional investors own 59.42% of the company’s stock.

SmartRent Company Profile

SmartRent, Inc (NYSE: SMRT) provides smart-home technology and property-management solutions for rental housing owners, operators and residents. Its platform is designed to help housing providers manage connected properties, improve operational efficiency and offer residents digital control over home features and services.

The company’s products and services include smart locks, thermostats, sensors, hubs, access-control systems and other connected devices, along with software for monitoring and managing properties.