SmartRent (NYSE:SMRT) Shares Gap Up to $3.53

SmartRent, Inc. (NYSE:SMRT – Get Rating)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $3.53, but opened at $3.63. SmartRent shares last traded at $3.50, with a volume of 174,592 shares trading hands.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SMRT. Deutsche Bank Aktiengesellschaft decreased their price target on SmartRent from $6.00 to $5.00 and set a “buy” rating for the company in a research note on Thursday, March 9th. Morgan Stanley raised their price target on SmartRent from $2.90 to $3.10 and gave the stock an “equal weight” rating in a research note on Thursday, March 9th. Keefe, Bruyette & Woods raised their price target on SmartRent from $3.75 to $4.50 in a research note on Thursday, May 11th. Finally, Cantor Fitzgerald raised their price target on SmartRent from $4.00 to $5.00 in a research note on Thursday, May 11th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $5.48.

SmartRent Trading Down 2.8 %

The stock has a 50-day simple moving average of $2.62 and a two-hundred day simple moving average of $2.62. The firm has a market capitalization of $684.15 million, a P/E ratio of -7.80 and a beta of 1.85.

SmartRent (NYSE:SMRT – Get Rating) last issued its earnings results on Wednesday, March 8th. The company reported ($0.09) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.09). The business had revenue of $40.55 million during the quarter, compared to analyst estimates of $44.80 million. SmartRent had a negative return on equity of 21.61% and a negative net margin of 44.05%. As a group, research analysts expect that SmartRent, Inc. will post -0.19 EPS for the current year.

Insider Activity

In other news, Director Alana Beard sold 10,000 shares of SmartRent stock in a transaction on Friday, May 12th. The stock was sold at an average price of $3.25, for a total value of $32,500.00. Following the transaction, the director now directly owns 45,284 shares in the company, valued at approximately $147,173. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada increased its holdings in shares of SmartRent by 693.6% in the 1st quarter. Royal Bank of Canada now owns 5,571 shares of the company’s stock valued at $28,000 after acquiring an additional 4,869 shares during the period. Quantbot Technologies LP grew its stake in SmartRent by 3,553.6% during the 1st quarter. Quantbot Technologies LP now owns 5,590 shares of the company’s stock worth $28,000 after buying an additional 5,437 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in SmartRent during the 2nd quarter worth $26,000. Price T Rowe Associates Inc. MD purchased a new position in SmartRent during the 2nd quarter worth $51,000. Finally, Virtu Financial LLC purchased a new position in SmartRent during the 1st quarter worth $61,000. 62.27% of the stock is currently owned by hedge funds and other institutional investors.

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.