SmartRent (NYSE:SMRT) Upgraded to Hold at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of SmartRent (NYSE:SMRT) to a hold rating in a report issued on Tuesday morning,Zacks.com reports.

Separately, Keefe, Bruyette & Woods lowered their price objective on SmartRent from $2.00 to $1.60 and set a “market perform” rating for the company in a research note on Thursday, March 6th. Five research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $2.40.

SmartRent Stock Up 0.8 %

Shares of NYSE:SMRT opened at $0.80 on Tuesday. SmartRent has a twelve month low of $0.67 and a twelve month high of $2.98. The stock’s 50 day moving average is $1.14 and its 200-day moving average is $1.47. The firm has a market capitalization of $154.43 million, a price-to-earnings ratio of -6.17 and a beta of 1.83.

SmartRent (NYSE:SMRT) last released its quarterly earnings data on Wednesday, March 5th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.04). The business had revenue of $35.37 million during the quarter, compared to the consensus estimate of $37.78 million. SmartRent had a negative net margin of 12.77% and a negative return on equity of 6.08%. The firm’s quarterly revenue was down 41.3% on a year-over-year basis. During the same period last year, the business posted ($0.02) earnings per share. Equities research analysts anticipate that SmartRent will post -0.14 earnings per share for the current fiscal year.

Insider Buying and Selling

In other SmartRent news, CEO Michael Shane Paladin purchased 43,859 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average cost of $1.14 per share, for a total transaction of $49,999.26. Following the completion of the acquisition, the chief executive officer now owns 43,859 shares of the company’s stock, valued at $49,999.26. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John C. Dorman acquired 125,000 shares of SmartRent stock in a transaction on Monday, March 10th. The stock was acquired at an average price of $1.20 per share, with a total value of $150,000.00. Following the purchase, the director now directly owns 229,965 shares in the company, valued at approximately $275,958. This trade represents a 119.09 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMRT. Royce & Associates LP increased its stake in shares of SmartRent by 64.2% during the 4th quarter. Royce & Associates LP now owns 1,283,325 shares of the company’s stock worth $2,246,000 after purchasing an additional 501,890 shares during the last quarter. Manatuck Hill Partners LLC purchased a new stake in SmartRent in the fourth quarter worth $875,000. Millennium Management LLC increased its position in 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 bought a new stake in shares of SmartRent in the fourth quarter valued at $569,000. Finally, Norges Bank purchased a new position in shares of SmartRent during the 4th quarter valued at $438,000. 59.42% of the stock is currently 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.