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

Shares of SmartRent, Inc. (NYSE:SMRT) saw strong trading volume on Thursday . 2,661,606 shares changed hands during mid-day 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.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of SmartRent in a research note on Friday, January 12th. BTIG Research assumed coverage on shares of SmartRent in a research report on Friday, January 19th. They issued a “buy” rating and a $4.50 price target on the stock. Finally, Keefe, Bruyette & Woods dropped their target price on shares of SmartRent from $4.50 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, March 6th.

SmartRent Price Performance

The firm’s 50 day moving average is $2.90 and its two-hundred day moving average is $2.89. The firm has a market capitalization of $545.35 million, a P/E ratio of -15.33 and a beta of 2.02.

SmartRent (NYSE:SMRT) last released its earnings results on Tuesday, March 5th. The company reported ($0.02) earnings per share 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 firm had revenue of $60.25 million during the quarter, compared to the consensus estimate of $57.88 million. During the same period in the prior year, the business posted ($0.09) earnings per share. SmartRent’s quarterly revenue was up 48.6% compared to the same quarter last year. Analysts anticipate that SmartRent, Inc. will post -0.03 EPS for the current fiscal year.

Hedge Funds Weigh In On SmartRent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its position in shares of SmartRent by 693.6% in the first 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 boosted its position in shares of SmartRent by 3,553.6% in the first quarter. Quantbot Technologies LP now owns 5,590 shares of the company’s stock valued at $28,000 after acquiring an additional 5,437 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of SmartRent in the second quarter valued at about $26,000. Garrison Point Advisors LLC bought a new stake in shares of SmartRent in the third quarter valued at about $26,000. Finally, Price T Rowe Associates Inc. MD bought a new stake in shares of SmartRent in the second quarter valued at about $51,000. 59.42% of the stock is owned by institutional investors.

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.