SmartRent (NYSE:SMRT) Stock Price Down 3.7% - Time to Sell?

Key Points

• Share decline: SmartRent fell 3.7% to $1.445 on Tuesday with trading volume about 38% below average, and the stock carries a consensus Reduce rating with a $1.45 price target.
• Earnings miss and weak fundamentals: The company reported Q results of ($0.02) EPS (vs. ($0.01) est.) and $33.78M revenue (vs. $36.31M est.), with a negative net margin (~-39.8%) and negative ROE, and analysts forecast -$0.14 EPS for the year.
• Insider buying: Director Thomas N. Bohjalian purchased 150,000 shares at $1.74, boosting his stake to 500,000 shares; insiders own 1.9% while institutions hold about 59.4%.

SmartRent, Inc. (NYSE:SMRT - Get Free Report) traded down 3.7% during trading on Tuesday . The stock traded as low as $1.43 and last traded at $1.4450. 543,551 shares changed hands during trading, a decline of 38% from the average session volume of 875,764 shares. The stock had previously closed at $1.50.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a "sell (d-)" rating on shares of SmartRent in a research note on Friday, March 27th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus price target of $1.45.

SmartRent Stock Down 3.7%

The stock has a market cap of $277.82 million, a price-to-earnings ratio of -4.52 and a beta of 1.76. The company has a 50 day simple moving average of $1.64 and a 200 day simple moving average of $1.66.

SmartRent (NYSE:SMRT - Get Free Report) last issued its earnings results on Wednesday, March 4th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The business had revenue of $33.78 million for the quarter, compared to analyst estimates of $36.31 million. SmartRent had a negative return on equity of 12.81% and a negative net margin of 39.76%. As a group, analysts predict that SmartRent, Inc. will post -0.14 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Thomas N. Bohjalian bought 150,000 shares of the company's stock in a transaction on Thursday, March 12th. The stock was purchased at an average cost of $1.74 per share, for a total transaction of $261,000.00. Following the completion of the transaction, the director owned 500,000 shares of the company's stock, valued at $870,000. This trade represents a 42.86% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On SmartRent

Several large investors have recently bought and sold shares of the company. LPL Financial LLC raised its position in SmartRent by 60.9% in the fourth quarter. LPL Financial LLC now owns 37,000 shares of the company's stock valued at $75,000 after purchasing an additional 14,000 shares during the last quarter. Neuberger Berman Group LLC bought a new position in SmartRent in the fourth quarter valued at about $30,000. Invesco Ltd. raised its position in SmartRent by 4.8% in the fourth quarter. Invesco Ltd. now owns 331,584 shares of the company's stock valued at $670,000 after purchasing an additional 15,124 shares during the last quarter. Squarepoint Ops LLC raised its position in SmartRent by 111.3% in the fourth quarter. Squarepoint Ops LLC now owns 31,774 shares of the company's stock valued at $64,000 after purchasing an additional 16,734 shares during the last quarter. Finally, Steinberganna Wealth Management bought a new position in SmartRent in the third quarter valued at about $25,000. 59.42% of the stock is currently owned by institutional investors.

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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