SmartRent (NYSE:SMRT) Posts Earnings Results, Misses Estimates By $0.01 EPS

SmartRent (NYSE:SMRT) posted its quarterly earnings results on Wednesday. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01), Briefing.com reports. The company had revenue of $48.52 million during the quarter, compared to the consensus estimate of $51.33 million. SmartRent had a negative return on equity of 7.28% and a negative net margin of 13.08%. The firm’s revenue for the quarter was down 9.1% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.05) earnings per share.

SmartRent Stock Down 6.6 %

Shares of NYSE:SMRT traded down $0.10 during midday trading on Friday, reaching $1.42. 2,939,060 shares of the company were exchanged, compared to its average volume of 1,374,578. The firm has a market cap of $286.60 million, a PE ratio of -9.47 and a beta of 1.98. SmartRent has a fifty-two week low of $1.39 and a fifty-two week high of $3.64. The stock has a fifty day simple moving average of $2.25 and a two-hundred day simple moving average of $2.53.

Analyst Ratings Changes

SMRT has been the topic of a number of recent analyst reports. Colliers Securities cut SmartRent from a “buy” rating to a “neutral” rating in a report on Wednesday, July 31st. DA Davidson downgraded shares of SmartRent from a “buy” rating to a “neutral” rating and lowered their target price for the company from $3.25 to $2.00 in a research note on Wednesday, July 31st. BTIG Research lowered shares of SmartRent from a “buy” rating to a “neutral” rating in a report on Friday, August 2nd. Cantor Fitzgerald lowered shares of SmartRent from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $4.00 to $2.00 in a report on Thursday. Finally, Keefe, Bruyette & Woods lowered SmartRent from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $3.50 to $2.00 in a report on Thursday. Six analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, SmartRent presently has a consensus rating of “Hold” and an average price target of $2.64.

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.