SmartRent (NYSE:SMRT) Shares Cross Above Two Hundred Day Moving Average - Should You Sell?

Key Points

• SmartRent shares briefly moved above their 200-day moving average, reaching $1.36 and last trading near $1.355, up 2.7%.
• Analyst sentiment remains mixed: the stock carries a consensus “Hold” rating with an average price target of $1.48, ranging from $1.20 to $1.75.
• The company recently missed quarterly earnings and revenue estimates, but insiders bought 267,000 shares worth approximately $378,000 over the past 90 days, while institutional investors own 59.42% of the stock.

SmartRent, Inc. (NYSE:SMRT - Get Free Report)'s stock price passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $1.35 and traded as high as $1.36. SmartRent shares last traded at $1.3550, with a volume of 454,024 shares changing hands.

Analyst Ratings Changes

A number of research firms have issued reports on SMRT. Weiss Ratings lowered shares of SmartRent from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, October 16th. Keefe, Bruyette & Woods dropped their price target on shares of SmartRent from $1.40 to $1.20 and set a "market perform" rating on the stock in a research note on Monday, July 13th. Finally, B. Riley Financial assumed coverage on SmartRent in a report on Tuesday, October 13th. They set a "buy" rating and a $1.75 price target on the stock. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $1.48.

SmartRent Stock Up 2.7%

The company has a market capitalization of $259.63 million, a price-to-earnings ratio of -13.55 and a beta of 1.64. The business has a 50-day moving average price of $1.24 and a 200-day moving average price of $1.35.

SmartRent (NYSE:SMRT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.03) earnings per share for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.01). SmartRent had a negative return on equity of 8.50% and a negative net margin of 12.97%. The company had revenue of $38.39 million during the quarter, compared to analysts' expectations of $39.62 million. As a group, sell-side analysts predict that SmartRent, Inc. will post -0.10 EPS for the current year.

Insider Activity

In other news, Director Thomas Bohjalian purchased 40,000 shares of the business's stock in a transaction dated Wednesday, August 19th. The shares were acquired at an average price of $1.40 per share, for a total transaction of $56,000.00. Following the completion of the acquisition, the director directly owned 766,062 shares of the company's stock, valued at $1,072,486.80. The trade was a 5.51% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ana Pinczuk purchased 107,000 shares of SmartRent stock in a transaction that occurred on Tuesday, August 11th. The stock was purchased at an average price of $1.43 per share, with a total value of $153,010.00. Following the transaction, the director owned 385,704 shares in the company, valued at $551,556.72. This represents a 38.39% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 267,000 shares of company stock worth $378,110 over the last 90 days. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Ancora Advisors LLC acquired a new stake in shares of SmartRent during the 2nd quarter valued at $1,470,000. Bank of New York Mellon Corp purchased a new position in shares of SmartRent during the 2nd quarter valued at $564,000. Bank of America Corp DE increased its stake in shares of SmartRent by 1,900.9% in the first quarter. Bank of America Corp DE now owns 5,387,342 shares of the company's stock worth $8,081,000 after acquiring an additional 5,118,096 shares during the last quarter. Punch & Associates Investment Management Inc. increased its stake in shares of SmartRent by 163.9% in the first quarter. Punch & Associates Investment Management Inc. now owns 5,032,880 shares of the company's stock worth $7,549,000 after acquiring an additional 3,125,595 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its stake in shares of SmartRent by 3,458.5% in the third quarter. Farther Finance Advisors LLC now owns 35,585 shares of the company's stock worth $42,000 after acquiring an additional 34,585 shares during the last quarter. Hedge funds and other institutional investors own 59.42% of the company's stock.

SmartRent Company Profile

SmartRent, Inc NYSE: SMRT provides smart-home technology and property-management solutions for rental housing owners, operators and residents. Its platform is designed to help housing providers manage connected properties, improve operational efficiency and offer residents digital control over home features and services.

The company's products and services include smart locks, thermostats, sensors, hubs, access-control systems and other connected devices, along with software for monitoring and managing properties.

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