SmartRent (NYSE:SMRT) Price Target Lowered to $1.60 at Keefe, Bruyette & Woods

SmartRent (NYSE:SMRT) had its price target dropped by stock analysts at Keefe, Bruyette & Woods from $2.00 to $1.60 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 18.96% from the company’s current price.

SmartRent Stock Up 5.9 %

Shares of SMRT stock opened at $1.35 on Thursday. The firm has a market cap of $259.01 million, a price-to-earnings ratio of -10.35 and a beta of 1.90. SmartRent has a 12 month low of $1.09 and a 12 month high of $2.98. The stock has a 50-day moving average price of $1.52 and a 200 day moving average price of $1.63.

SmartRent (NYSE:SMRT) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.04). The business had revenue of $35.37 million for the quarter, compared to the consensus estimate of $37.78 million. SmartRent had a negative return on equity of 6.08% and a negative net margin of 12.77%. The company’s quarterly revenue was down 41.3% on a year-over-year basis. During the same period last year, the firm earned ($0.02) earnings per share. Sell-side analysts predict that SmartRent will post -0.14 earnings per share for the current fiscal year.

Institutional Trading of SmartRent

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Virtu Financial LLC acquired a new position in SmartRent during the third quarter valued at approximately $26,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of SmartRent in the 4th quarter valued at $27,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of SmartRent in the 3rd quarter valued at $30,000. Avior Wealth Management LLC acquired a new stake in SmartRent during the 4th quarter worth $31,000. Finally, Cibc World Markets Corp bought a new position in SmartRent during the fourth quarter worth about $31,000. 59.42% of the stock is owned by institutional investors.

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.