SmartRent (NYSE:SMRT) Stock Rating Lowered by Wall Street Zen

Key Points

• SmartRent's stock rating has been downgraded from a "hold" to a "sell" by analysts at Wall Street Zen following disappointing earnings results.
• The company reported a net margin of -46.54% and missed revenue expectations, with earnings per share at ($0.06) against a consensus estimate of ($0.04).
• Insider transactions indicate confidence in the company, as the Director and CEO have recently increased their holdings by 50% and 60% respectively.

SmartRent (NYSE:SMRT - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Friday.

Several other research firms have also recently weighed in on SMRT. Keefe, Bruyette & Woods lifted their price target on shares of SmartRent from $1.30 to $1.45 and gave the company a "market perform" rating in a report on Tuesday, August 12th. Zacks Research raised SmartRent to a "hold" rating in a research report on Friday, August 8th. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $1.45.

SmartRent Stock Down 2.4%

Shares of NYSE:SMRT opened at $1.45 on Friday. The stock has a market cap of $271.76 million, a PE ratio of -3.80 and a beta of 1.86. The company's fifty day moving average is $1.35 and its 200 day moving average is $1.09. SmartRent has a 52 week low of $0.67 and a 52 week high of $1.99.

SmartRent (NYSE:SMRT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.02). SmartRent had a negative net margin of 46.54% and a negative return on equity of 14.94%. The company had revenue of $38.31 million for the quarter, compared to analysts' expectations of $38.85 million. Sell-side analysts anticipate that SmartRent will post -0.14 EPS for the current year.

Insider Transactions at SmartRent

In other news, Director Thomas N. Bohjalian bought 100,000 shares of the firm's stock in a transaction on Tuesday, August 19th. The stock was acquired at an average cost of $1.50 per share, with a total value of $150,000.00. Following the completion of the acquisition, the director owned 300,000 shares of the company's stock, valued at approximately $450,000. This represents a 50.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Frank Martell purchased 150,000 shares of the business's stock in a transaction dated Friday, August 8th. The shares were purchased at an average price of $1.25 per share, for a total transaction of $187,500.00. Following the acquisition, the chief executive officer owned 398,204 shares of the company's stock, valued at approximately $497,755. The trade was a 60.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 725,000 shares of company stock worth $989,350. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SmartRent

A number of hedge funds have recently bought and sold shares of the business. Pallas Capital Advisors LLC lifted its position in SmartRent by 128.5% during the second quarter. Pallas Capital Advisors LLC now owns 30,788 shares of the company's stock valued at $30,000 after purchasing an additional 17,312 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of SmartRent by 101.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 34,597 shares of the company's stock worth $42,000 after buying an additional 17,444 shares during the last quarter. ProShare Advisors LLC grew its holdings in shares of SmartRent by 49.0% in the fourth quarter. ProShare Advisors LLC now owns 53,820 shares of the company's stock worth $94,000 after acquiring an additional 17,710 shares during the period. Bank of New York Mellon Corp increased its position in SmartRent by 3.4% during the first quarter. Bank of New York Mellon Corp now owns 567,514 shares of the company's stock valued at $687,000 after acquiring an additional 18,880 shares during the last quarter. Finally, Engineers Gate Manager LP increased its position in SmartRent by 43.6% during the second quarter. Engineers Gate Manager LP now owns 79,923 shares of the company's stock valued at $79,000 after acquiring an additional 24,250 shares during the last quarter. Hedge funds and other institutional investors own 59.42% of the company's stock.

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.

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