SmartRent (NYSE:SMRT) Releases Earnings Results, Misses Expectations By $0.01 EPS

SmartRent (NYSE:SMRT) posted its quarterly earnings data on Wednesday. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01), FiscalAI reports. SmartRent had a negative return on equity of 15.10% and a negative net margin of 45.45%.The firm had revenue of $33.78 million during the quarter, compared to the consensus estimate of $36.31 million.

SmartRent Stock Up 10.4%

Shares of SMRT stock traded up $0.16 during trading hours on Wednesday, reaching $1.70. 529,994 shares of the stock traded hands, compared to its average volume of 1,221,815. The firm has a market capitalization of $321.64 million, a PE ratio of -4.72 and a beta of 1.79. SmartRent has a 1-year low of $0.67 and a 1-year high of $2.20. The business has a fifty day moving average price of $1.76 and a 200 day moving average price of $1.63.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SMRT. Weiss Ratings restated a “sell (d-)” rating on shares of SmartRent in a research report on Monday, December 29th. Wall Street Zen raised shares of SmartRent from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Zacks Research upgraded shares of SmartRent from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $1.45.

Insider Transactions at SmartRent

In other SmartRent news, CEO Frank Martell bought 19,466 shares of SmartRent stock in a transaction dated Tuesday, December 16th. The stock was bought at an average price of $2.07 per share, for a total transaction of $40,294.62. Following the completion of the acquisition, the chief executive officer directly owned 2,113,796 shares of the company’s stock, valued at approximately $4,375,557.72. This trade represents a 0.93% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders have acquired 299,086 shares of company stock worth $579,949. 9.00% of the stock is owned by insiders.

Institutional Investors Weigh In On SmartRent

A number of institutional investors have recently modified their holdings of SMRT. UBS Group AG grew its holdings in shares of SmartRent by 28.8% during the 3rd quarter. UBS Group AG now owns 10,448,199 shares of the company’s stock valued at $14,732,000 after acquiring an additional 2,335,454 shares in the last quarter. Blue Door Asset Management LLC grew its stake in SmartRent by 5.6% in the fourth quarter. Blue Door Asset Management LLC now owns 5,635,657 shares of the company’s stock valued at $11,384,000 after purchasing an additional 298,998 shares in the last quarter. Marshall Wace LLP increased its position in SmartRent by 34.0% in the 4th quarter. Marshall Wace LLP now owns 3,964,108 shares of the company’s stock worth $8,008,000 after purchasing an additional 1,006,267 shares during the last quarter. Millennium Management LLC raised its stake in shares of SmartRent by 24.7% during the 3rd quarter. Millennium Management LLC now owns 3,646,341 shares of the company’s stock worth $5,141,000 after purchasing an additional 721,846 shares in the last quarter. Finally, Mak Capital One LLC raised its stake in shares of SmartRent by 24.9% during the 4th quarter. Mak Capital One LLC now owns 3,577,973 shares of the company’s stock worth $7,228,000 after purchasing an additional 714,050 shares in the last quarter. Institutional investors and hedge funds own 59.42% of the company’s stock.

SmartRent Company Profile

SmartRent Inc is a technology company that develops smart home and smart building automation solutions for the residential rental housing industry. Its integrated hardware and software platform enables property managers and owners to remotely monitor, manage and control access, energy use and overall resident experience. The company’s product portfolio includes smart locks, thermostats, leak and flood sensors, door and window sensors, security cameras, and a centralized management dashboard that interfaces with leading property management systems.

SmartRent’s platform is designed to streamline operations for multifamily communities and single-family rental portfolios by automating routine tasks such as digital resident self-showings, remote lease turnovers, package management and preventative maintenance alerts.