SmartRent (NYSE:SMRT) Downgraded by Colliers Securities

Colliers Securities downgraded shares of SmartRent (NYSE:SMRT) from a buy rating to a neutral rating in a research note released on Wednesday, Marketbeat reports.

Several other research firms have also recently commented on SMRT. DA Davidson cut SmartRent from a buy rating to a neutral rating and dropped their price objective for the company from $3.25 to $2.00 in a research report on Wednesday. BTIG Research dropped their price target on shares of SmartRent from $4.30 to $4.00 and set a buy rating on the stock in a report on Monday, June 3rd. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, SmartRent currently has a consensus rating of Hold and a consensus target price of $3.64.

SmartRent Price Performance

Shares of NYSE:SMRT opened at $1.71 on Wednesday. The company has a market capitalization of $344.12 million, a PE ratio of -11.37 and a beta of 1.98. The business has a fifty day moving average price of $2.34 and a 200-day moving average price of $2.59. SmartRent has a 1-year low of $1.65 and a 1-year high of $3.88.

SmartRent (NYSE:SMRT) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($0.02) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.02). The company had revenue of $50.49 million during the quarter, compared to analyst estimates of $51.43 million. SmartRent had a negative net margin of 13.08% and a negative return on equity of 7.28%. On average, sell-side analysts anticipate that SmartRent will post -0.06 earnings per share for the current fiscal year.

Institutional Trading of SmartRent

A number of hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. boosted its position in SmartRent by 30.7% in the fourth quarter. Victory Capital Management Inc. now owns 22,428 shares of the company’s stock worth $72,000 after purchasing an additional 5,264 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of SmartRent in the first quarter worth approximately $84,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of SmartRent by 18.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 53,177 shares of the company’s stock worth $143,000 after buying an additional 8,169 shares during the last quarter. Brighton Jones LLC bought a new stake in SmartRent during the fourth quarter valued at approximately $214,000. Finally, Legacy Capital Group California Inc. increased its holdings in SmartRent by 104.3% during the second quarter. Legacy Capital Group California Inc. now owns 70,750 shares of the company’s stock valued at $169,000 after buying an additional 36,123 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.