SmartRent (NYSE:SMRT) Upgraded by Cantor Fitzgerald to Hold Rating

SmartRent (NYSE:SMRT - Get Free Report) was upgraded by equities research analysts at Cantor Fitzgerald to a "hold" rating in a research note issued on Tuesday,Zacks.com reports.

Separately, Keefe, Bruyette & Woods cut their price objective on SmartRent from $2.00 to $1.60 and set a "market perform" rating on the stock in a report on Thursday, March 6th. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $2.40.

SmartRent Stock Performance

Shares of NYSE SMRT opened at $0.80 on Tuesday. SmartRent has a 1 year low of $0.67 and a 1 year high of $2.98. The firm's 50 day moving average price is $1.14 and its 200 day moving average price is $1.47. The firm has a market cap of $154.43 million, a P/E ratio of -6.17 and a beta of 1.83.

SmartRent (NYSE:SMRT - Get Free Report) last released its earnings results on Wednesday, March 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.04). The company had revenue of $35.37 million during the quarter, compared to analyst estimates of $37.78 million. SmartRent had a negative return on equity of 6.08% and a negative net margin of 12.77%. SmartRent's revenue was down 41.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.02) earnings per share. As a group, equities analysts predict that SmartRent will post -0.14 EPS for the current year.

Insider Activity at SmartRent

In other news, Director John C. Dorman bought 125,000 shares of SmartRent stock in a transaction dated Monday, March 10th. The shares were acquired at an average cost of $1.20 per share, with a total value of $150,000.00. Following the completion of the transaction, the director now owns 229,965 shares in the company, valued at approximately $275,958. This trade represents a 119.09 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Shane Paladin bought 43,859 shares of the firm's stock in a transaction dated Thursday, March 13th. The stock was purchased at an average price of $1.14 per share, with a total value of $49,999.26. Following the completion of the purchase, the chief executive officer now directly owns 43,859 shares of the company's stock, valued at approximately $49,999.26. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. 9.00% 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. Royce & Associates LP grew its stake in SmartRent by 64.2% during the 4th quarter. Royce & Associates LP now owns 1,283,325 shares of the company's stock valued at $2,246,000 after purchasing an additional 501,890 shares in the last quarter. Manatuck Hill Partners LLC acquired a new stake in shares of SmartRent during the fourth quarter worth approximately $875,000. Millennium Management LLC increased its stake in shares of SmartRent by 82.4% in the fourth quarter. Millennium Management LLC now owns 908,769 shares of the company's stock worth $1,590,000 after buying an additional 410,666 shares during the last quarter. Crossingbridge Advisors LLC acquired a new stake in SmartRent in the fourth quarter valued at $569,000. Finally, Norges Bank bought a new position in SmartRent during the 4th quarter valued at $438,000. 59.42% of the stock is owned by hedge funds and other institutional investors.

SmartRent Company Profile

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.

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