SmartRent (NYSE:SMRT) Price Target Lowered to $1.20 at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods lowered its price target on SmartRent from $1.40 to $1.20 while maintaining a market perform rating. The new target still implies about 17% upside from the prior close.
• SmartRent is drawing mixed analyst sentiment, with Weiss Ratings also cutting its rating and MarketBeat showing an average rating of Reduce with a $1.20 average target price.
• The stock closed at $1.02, near its 52-week low of $0.90, and the company recently reported quarterly EPS in line with estimates but slightly missed revenue expectations.

SmartRent (NYSE:SMRT - Get Free Report) had its price objective reduced by equities research analysts at Keefe, Bruyette & Woods from $1.40 to $1.20 in a research note issued on Monday,Benzinga reports. The firm currently has a "market perform" rating on the stock. Keefe, Bruyette & Woods' price target points to a potential upside of 17.07% from the company's previous close.

Separately, Weiss Ratings lowered shares of SmartRent from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, July 1st. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, SmartRent has an average rating of "Reduce" and an average target price of $1.20.

SmartRent Stock Performance

Shares of SMRT stock opened at $1.02 on Monday. The company has a market capitalization of $197.66 million, a P/E ratio of -7.88 and a beta of 1.51. SmartRent has a fifty-two week low of $0.90 and a fifty-two week high of $2.20. The stock has a 50 day moving average price of $1.17 and a two-hundred day moving average price of $1.49.

SmartRent (NYSE:SMRT - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.02). SmartRent had a negative net margin of 16.58% and a negative return on equity of 10.61%. The firm had revenue of $36.63 million for the quarter, compared to analysts' expectations of $36.82 million. As a group, equities analysts predict that SmartRent will post -0.1 earnings per share for the current year.

Insider Activity at SmartRent

In other SmartRent news, Director Thomas N. Bohjalian bought 75,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The stock was bought at an average price of $1.11 per share, for a total transaction of $83,250.00. Following the completion of the acquisition, the director directly owned 721,062 shares in the company, valued at $800,378.82. The trade was a 11.61% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Frank Martell purchased 100,000 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average cost of $1.18 per share, with a total value of $118,000.00. Following the purchase, the chief executive officer directly owned 3,165,266 shares of the company's stock, valued at $3,735,013.88. This trade represents a 3.26% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought 295,260 shares of company stock worth $339,044 over the last three months. Insiders own 2.30% of the company's stock.

Institutional Investors Weigh In On SmartRent

A number of large investors have recently modified their holdings of SMRT. CTC Alternative Strategies Ltd. purchased a new position in shares of SmartRent during the first quarter valued at about $26,000. Kanen Wealth Management LLC purchased a new stake in SmartRent in the third quarter worth about $26,000. Neuberger Berman Group LLC bought a new stake in SmartRent during the 4th quarter valued at approximately $30,000. SummitTX Capital L.P. bought a new stake in SmartRent during the 1st quarter valued at approximately $34,000. Finally, Dean Jacobson Financial Services LLC bought a new stake in SmartRent during the 4th quarter valued at approximately $35,000. Institutional investors own 59.42% of the company's stock.

SmartRent Company Profile

SmartRent Inc is a technology company that develops smart home and smart building automation solutions for the residential rental housing industry. Its integrated hardware and software platform enables property managers and owners to remotely monitor, manage and control access, energy use and overall resident experience. The company's product portfolio includes smart locks, thermostats, leak and flood sensors, door and window sensors, security cameras, and a centralized management dashboard that interfaces with leading property management systems.

SmartRent's platform is designed to streamline operations for multifamily communities and single-family rental portfolios by automating routine tasks such as digital resident self-showings, remote lease turnovers, package management and preventative maintenance alerts.

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