SmartRent (NYSE:SMRT) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

SmartRent (NYSE:SMRT) announced its earnings results on Wednesday. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03, Zacks reports. SmartRent had a negative return on equity of 15.10% and a negative net margin of 45.45%.The firm had revenue of $36.20 million during the quarter, compared to analysts’ expectations of $36.27 million.

SmartRent Trading Down 2.4%

Shares of SmartRent stock traded down $0.04 on Friday, hitting $1.45. 612,990 shares of the company traded hands, compared to its average volume of 940,361. The company has a market cap of $273.39 million, a PE ratio of -4.01 and a beta of 1.84. The stock’s 50 day moving average price is $1.46 and its 200-day moving average price is $1.17. SmartRent has a 52 week low of $0.67 and a 52 week high of $1.99.

Insider Buying and Selling at SmartRent

In other news, CEO Frank Martell bought 130,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was acquired at an average cost of $1.37 per share, for a total transaction of $178,100.00. Following the acquisition, the chief executive officer owned 628,204 shares of the company’s stock, valued at $860,639.48. This represents a 26.09% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas N. Bohjalian purchased 100,000 shares of the business’s stock in a transaction dated Tuesday, August 19th. The shares were purchased at an average price of $1.50 per share, for a total transaction of $150,000.00. Following the purchase, the director owned 300,000 shares of the company’s stock, valued at approximately $450,000. This trade represents a 50.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 575,000 shares of company stock worth $801,850 over the last 90 days. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SmartRent

A number of hedge funds and other institutional investors have recently modified their holdings of the business. AQR Capital Management LLC lifted its holdings in SmartRent by 245.9% during the first quarter. AQR Capital Management LLC now owns 973,783 shares of the company’s stock worth $1,178,000 after buying an additional 692,268 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in SmartRent in the first quarter worth about $69,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of SmartRent by 81.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 634,066 shares of the company’s stock valued at $767,000 after buying an additional 285,478 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of SmartRent by 55.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 173,485 shares of the company’s stock valued at $172,000 after buying an additional 62,028 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of SmartRent in the 2nd quarter worth approximately $248,000. 59.42% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the stock. Zacks Research lowered shares of SmartRent from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 28th. Weiss Ratings restated a “sell (d-)” rating on shares of SmartRent in a research report on Wednesday. Keefe, Bruyette & Woods increased their price target on SmartRent from $1.30 to $1.45 and gave the stock a “market perform” rating in a report on Tuesday, August 12th. Finally, Wall Street Zen cut SmartRent from a “hold” rating to a “sell” rating in a report on Friday, September 26th. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $1.45.

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.