Brokers Offer Predictions for SmartRent, Inc.’s Q3 2024 Earnings (NYSE:SMRT)

SmartRent, Inc. (NYSE:SMRT) – Investment analysts at Colliers Securities issued their Q3 2024 EPS estimates for shares of SmartRent in a note issued to investors on Monday, August 12th. Colliers Securities analyst B. Oxford anticipates that the company will earn ($0.02) per share for the quarter. Colliers Securities has a “Neutral” rating on the stock. The consensus estimate for SmartRent’s current full-year earnings is ($0.06) per share.

SmartRent (NYSE:SMRT) last announced its earnings results on Wednesday, August 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). SmartRent had a negative return on equity of 7.28% and a negative net margin of 13.08%. The business had revenue of $48.52 million for the quarter, compared to analyst estimates of $51.33 million. During the same quarter in the previous year, the company earned ($0.05) EPS. The business’s revenue for the quarter was down 9.1% on a year-over-year basis.

A number of other analysts also recently weighed in on the stock. Cantor Fitzgerald downgraded shares of SmartRent from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $4.00 to $2.00 in a report on Thursday, August 8th. DA Davidson downgraded shares of SmartRent from a “buy” rating to a “neutral” rating and cut their price target for the stock from $3.25 to $2.00 in a report on Wednesday, July 31st. Keefe, Bruyette & Woods downgraded shares of SmartRent from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $3.50 to $2.00 in a research note on Thursday, August 8th. Finally, BTIG Research downgraded shares of SmartRent from a “buy” rating to a “neutral” rating in a research note on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $2.64.

SmartRent Trading Up 11.1 %

Shares of SmartRent stock opened at $1.60 on Wednesday. The company has a 50 day moving average of $2.20 and a 200-day moving average of $2.50. SmartRent has a 1-year low of $1.35 and a 1-year high of $3.64. The company has a market cap of $322.92 million, a PE ratio of -10.57 and a beta of 1.98.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Pekin Hardy Strauss Inc. bought a new position in shares of SmartRent during the fourth quarter valued at about $304,000. Brighton Jones LLC bought a new position in shares of SmartRent during the fourth quarter valued at about $214,000. Victory Capital Management Inc. lifted its position in shares of SmartRent by 30.7% during the fourth quarter. Victory Capital Management Inc. now owns 22,428 shares of the company’s stock valued at $72,000 after purchasing an additional 5,264 shares in the last quarter. Versor Investments LP lifted its position in shares of SmartRent by 39.3% during the fourth quarter. Versor Investments LP now owns 74,754 shares of the company’s stock valued at $238,000 after purchasing an additional 21,100 shares in the last quarter. Finally, First Eagle Investment Management LLC raised its position in SmartRent by 67.2% in the fourth quarter. First Eagle Investment Management LLC now owns 1,003,680 shares of the company’s stock worth $3,202,000 after acquiring an additional 403,449 shares during the period. 59.42% of the stock is currently owned by institutional investors and hedge funds.

SmartRent Company Profile

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.