SmartRent (NYSE:SMRT) Rating Lowered to Neutral at BTIG Research

BTIG Research downgraded shares of SmartRent (NYSE:SMRT) from a buy rating to a neutral rating in a research report report published on Friday morning, Marketbeat Ratings reports.

Other equities analysts have also issued research reports about the company. DA Davidson lowered SmartRent from a buy rating to a neutral rating and lowered their price objective for the stock from $3.25 to $2.00 in a research note on Wednesday, July 31st. Colliers Securities lowered SmartRent from a buy rating to a neutral rating in a report on Wednesday, July 31st. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, SmartRent has an average rating of Hold and a consensus target price of $3.64.

SmartRent Stock Performance

Shares of SMRT traded up $0.02 during trading hours on Friday, hitting $1.66. 780,359 shares of the stock were exchanged, compared to its average volume of 1,352,948. The stock’s 50-day moving average price is $2.34 and its two-hundred day moving average price is $2.58. SmartRent has a 12-month low of $1.56 and a 12-month high of $3.84. The company has a market cap of $335.03 million, a price-to-earnings ratio of -11.33 and a beta of 1.98.

SmartRent (NYSE:SMRT) last released its quarterly earnings data on Wednesday, May 8th. The company reported ($0.02) EPS for the quarter, meeting analysts’ consensus estimates of ($0.02). The company had revenue of $50.49 million during the quarter, compared to the consensus estimate of $51.43 million. SmartRent had a negative net margin of 13.08% and a negative return on equity of 7.28%. On average, research analysts expect that SmartRent will post -0.06 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Blue Door Asset Management LLC raised its position in SmartRent by 41.6% in the first quarter. Blue Door Asset Management LLC now owns 4,424,864 shares of the company’s stock valued at $11,859,000 after purchasing an additional 1,299,283 shares during the period. Vanguard Group Inc. raised its holdings in SmartRent by 4.8% in the 3rd quarter. Vanguard Group Inc. now owns 19,143,749 shares of the company’s stock valued at $49,965,000 after buying an additional 879,518 shares during the period. Long Pond Capital LP raised its holdings in SmartRent by 26.1% in the 1st quarter. Long Pond Capital LP now owns 3,995,946 shares of the company’s stock valued at $10,709,000 after buying an additional 826,136 shares during the period. First Eagle Investment Management LLC lifted its position in SmartRent by 67.2% in the fourth quarter. First Eagle Investment Management LLC now owns 1,003,680 shares of the company’s stock valued at $3,202,000 after buying an additional 403,449 shares during the last quarter. Finally, ACK Asset Management LLC boosted its stake in SmartRent by 3.0% during the fourth quarter. ACK Asset Management LLC now owns 6,080,400 shares of the company’s stock worth $19,396,000 after buying an additional 175,400 shares during the period. 59.42% of the stock is currently owned by institutional investors and hedge funds.

About SmartRent

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.