SmartRent (NYSE:SMRT) Sees Unusually-High Trading Volume

SmartRent, Inc. (NYSE:SMRT) shares saw strong trading volume on Thursday . 2,661,606 shares traded hands during trading, an increase of 111% from the previous session’s volume of 1,259,253 shares.The stock last traded at $2.75 and had previously closed at $2.72.

Analysts Set New Price Targets

Several research firms have commented on SMRT. BTIG Research began coverage on shares of SmartRent in a research note on Friday, January 19th. They issued a “buy” rating and a $4.50 target price for the company. Keefe, Bruyette & Woods lowered their target price on shares of SmartRent from $4.50 to $4.00 and set an “outperform” rating for the company in a research note on Wednesday, March 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of SmartRent in a research note on Friday, January 12th.

SmartRent Trading Down 1.7 %

The company’s 50 day moving average price is $2.90 and its 200-day moving average price is $2.89. The company has a market capitalization of $545.35 million, a PE ratio of -15.33 and a beta of 2.02.

SmartRent (NYSE:SMRT) last announced its quarterly earnings data on Tuesday, March 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01). SmartRent had a negative net margin of 14.60% and a negative return on equity of 9.97%. The company had revenue of $60.25 million for the quarter, compared to analysts’ expectations of $57.88 million. During the same period in the prior year, the firm earned ($0.09) earnings per share. The firm’s quarterly revenue was up 48.6% on a year-over-year basis. As a group, analysts predict that SmartRent, Inc. will post -0.03 earnings per share for the current year.

Institutional Trading of SmartRent

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in SmartRent by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 19,857,242 shares of the company’s stock worth $63,345,000 after purchasing an additional 713,493 shares during the period. GSA Capital Partners LLP purchased a new stake in SmartRent during the 4th quarter worth $272,000. Legal & General Group Plc boosted its position in SmartRent by 2.5% during the 4th quarter. Legal & General Group Plc now owns 137,848 shares of the company’s stock worth $440,000 after purchasing an additional 3,424 shares during the period. Barclays PLC boosted its position in SmartRent by 369.6% during the 4th quarter. Barclays PLC now owns 287,906 shares of the company’s stock worth $919,000 after purchasing an additional 226,599 shares during the period. Finally, Prelude Capital Management LLC lifted its holdings in SmartRent by 102.2% in the 4th quarter. Prelude Capital Management LLC now owns 447,761 shares of the company’s stock worth $1,428,000 after buying an additional 226,362 shares in the last quarter. 59.42% of the stock is owned by hedge funds and other institutional investors.

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.