SmartRent (NYSE:SMRT) Issues Quarterly Earnings Results

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

SmartRent Stock Up 12.3%

SMRT traded up $0.19 during trading hours on Wednesday, hitting $1.73. 298,372 shares of the company’s stock were exchanged, compared to its average volume of 1,218,773. SmartRent has a 1-year low of $0.67 and a 1-year high of $2.20. The stock’s 50-day moving average is $1.76 and its two-hundred day moving average is $1.63. The stock has a market cap of $327.13 million, a price-to-earnings ratio of -4.80 and a beta of 1.79.

Insider Buying and Selling

In related news, CEO Frank Martell acquired 19,466 shares of the firm’s 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 acquisition, the chief executive officer directly owned 2,113,796 shares of the company’s stock, valued at approximately $4,375,557.72. The trade was a 0.93% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders have bought 299,086 shares of company stock worth $579,949. Insiders own 9.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Stoic Point Capital Management LLC bought a new position in SmartRent in the fourth quarter valued at approximately $5,022,000. UBS Group AG boosted its holdings in shares of SmartRent by 28.8% in the 3rd quarter. UBS Group AG now owns 10,448,199 shares of the company’s stock valued at $14,732,000 after buying an additional 2,335,454 shares during the last quarter. Marshall Wace LLP grew its stake in shares of SmartRent by 230.4% in the second quarter. Marshall Wace LLP now owns 2,657,531 shares of the company’s stock valued at $2,631,000 after buying an additional 1,853,247 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in shares of SmartRent by 242.7% in the third quarter. Jacobs Levy Equity Management Inc. now owns 2,160,066 shares of the company’s stock valued at $3,046,000 after buying an additional 1,529,677 shares in the last quarter. Finally, Jane Street Group LLC increased its holdings in SmartRent by 430.2% during the second quarter. Jane Street Group LLC now owns 1,596,146 shares of the company’s stock worth $1,580,000 after buying an additional 1,295,098 shares during the last quarter. 59.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

About SmartRent

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.