Analysts Set SmartRent, Inc. (NYSE:SMRT) Target Price at $5.48

Posted by Nicole Kennedy on May 26th, 2023

Shares of SmartRent, Inc. (NYSE:SMRT – Get Rating) have been assigned an average recommendation of “Moderate Buy” from the eight ratings firms that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $5.17.

A number of equities analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of SmartRent from $6.00 to $5.00 and set a “buy” rating for the company in a research report on Thursday, March 9th. Cantor Fitzgerald increased their price objective on shares of SmartRent from $4.00 to $5.00 in a research report on Thursday, May 11th. Keefe, Bruyette & Woods increased their price objective on shares of SmartRent from $3.75 to $4.50 in a research report on Thursday, May 11th. Finally, Morgan Stanley increased their target price on shares of SmartRent from $2.90 to $3.10 and gave the stock an “equal weight” rating in a report on Thursday, March 9th.

Insiders Place Their Bets

In other SmartRent news, Director Alana Beard sold 12,000 shares of the stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $3.39, for a total transaction of $40,680.00. Following the sale, the director now directly owns 63,525 shares in the company, valued at approximately $215,349.75. The transaction was disclosed in a document filed with the SEC, which is available through this link. 12.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On SmartRent

A number of hedge funds and other institutional investors have recently modified their holdings of SMRT. SVB Wealth LLC purchased a new stake in SmartRent in the third quarter valued at $72,000. EMG Holdings L.P. lifted its position in SmartRent by 3,329.8% in the fourth quarter. EMG Holdings L.P. now owns 587,731 shares of the company’s stock valued at $1,428,000 after acquiring an additional 570,595 shares during the last quarter. Blue Owl Capital Holdings LP lifted its position in SmartRent by 77.9% in the third quarter. Blue Owl Capital Holdings LP now owns 185,734 shares of the company’s stock valued at $422,000 after acquiring an additional 81,351 shares during the last quarter. Boston Partners lifted its position in SmartRent by 23.5% in the third quarter. Boston Partners now owns 42,688 shares of the company’s stock valued at $97,000 after acquiring an additional 8,116 shares during the last quarter. Finally, AlpInvest Partners B.V. purchased a new stake in SmartRent in the third quarter valued at $207,000. 62.27% of the stock is currently owned by institutional investors and hedge funds.

SmartRent Price Performance

SmartRent stock opened at $3.22 on Tuesday. The stock has a market cap of $642.26 million, a price-to-earnings ratio of -7.32 and a beta of 1.85. The firm has a 50 day simple moving average of $2.68 and a 200-day simple moving average of $2.64. SmartRent has a 1-year low of $2.03 and a 1-year high of $6.59.

SmartRent (NYSE:SMRT – Get Rating) last posted its quarterly earnings data on Wednesday, March 8th. The company reported ($0.09) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.09). The firm had revenue of $40.55 million during the quarter, compared to analysts’ expectations of $44.80 million. SmartRent had a negative net margin of 44.05% and a negative return on equity of 21.61%. Equities analysts expect that SmartRent will post -0.19 earnings per share for the current fiscal year.

About SmartRent

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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.