SmartRent (NYSE:SMRT) Upgraded by Wall Street Zen to "Hold" Rating

Key Points

• SmartRent has been upgraded by Wall Street Zen from a "sell" rating to a "hold" rating, indicating a shift in analyst sentiment towards the company's stock.
• The company's earnings report showed a loss of ($0.06) per share, which was below analysts' expectations, alongside a revenue of $38.31 million, also falling short of estimates.
• CEO Frank Martell increased his stake in SmartRent by purchasing 120,000 shares, highlighting insider confidence following the company's recent share repurchase program approval of $50 million.

SmartRent (NYSE:SMRT - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Sunday.

A number of other equities analysts also recently weighed in on the stock. Zacks Research raised shares of SmartRent to a "hold" rating in a research note on Friday, August 8th. Keefe, Bruyette & Woods lifted their target price on shares of SmartRent from $1.30 to $1.45 and gave the stock a "market perform" rating in a research note on Tuesday, August 12th. Finally, Cantor Fitzgerald raised shares of SmartRent to a "hold" rating in a research note on Tuesday, April 22nd.

SmartRent Stock Performance

SMRT stock opened at $1.33 on Friday. The company has a fifty day moving average price of $1.04 and a 200-day moving average price of $1.07. The company has a market capitalization of $249.19 million, a P/E ratio of -3.49 and a beta of 1.82. SmartRent has a 52-week low of $0.67 and a 52-week high of $1.99.

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

SmartRent announced that its board has approved a share repurchase program on Wednesday, May 7th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to purchase up to 27.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Frank Martell purchased 120,000 shares of SmartRent stock in a transaction on Friday, August 15th. The stock was acquired at an average cost of $1.35 per share, for a total transaction of $162,000.00. Following the completion of the acquisition, the chief executive officer owned 748,204 shares of the company's stock, valued at $1,010,075.40. This trade represents a 19.10% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have acquired 500,000 shares of company stock valued at $653,600 in the last ninety days. Company insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On SmartRent

Large investors have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC grew its holdings in SmartRent by 101.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 34,597 shares of the company's stock worth $42,000 after purchasing an additional 17,444 shares during the period. Millennium Management LLC grew its holdings in shares of SmartRent by 82.4% during the fourth quarter. Millennium Management LLC now owns 908,769 shares of the company's stock valued at $1,590,000 after buying an additional 410,666 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of SmartRent by 35.9% during the fourth quarter. JPMorgan Chase & Co. now owns 391,501 shares of the company's stock valued at $685,000 after buying an additional 103,325 shares during the last quarter. D. E. Shaw & Co. Inc. acquired a new position in shares of SmartRent during the fourth quarter valued at about $434,000. Finally, Jane Street Group LLC grew its holdings in shares of SmartRent by 30.7% during the fourth quarter. Jane Street Group LLC now owns 406,132 shares of the company's stock valued at $711,000 after buying an additional 95,460 shares during the last quarter. 59.42% of the stock is currently owned by institutional investors and hedge funds.

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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