SmartRent (NYSE:SMRT) Issues Earnings Results, Misses Estimates By $0.01 EPS

SmartRent (NYSE:SMRT) announced its quarterly earnings results on Wednesday. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01), Briefing.com reports. The firm had revenue of $48.52 million during the quarter, compared to the consensus estimate of $51.33 million. SmartRent had a negative return on equity of 7.28% and a negative net margin of 13.08%. The firm’s revenue was down 9.1% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.05) EPS.

SmartRent Stock Performance

NYSE:SMRT traded down $0.10 on Friday, hitting $1.42. The stock had a trading volume of 2,939,060 shares, compared to its average volume of 1,374,578. The stock has a market cap of $286.60 million, a P/E ratio of -9.47 and a beta of 1.98. The firm’s fifty day simple moving average is $2.25 and its two-hundred day simple moving average is $2.53. SmartRent has a 1 year low of $1.39 and a 1 year high of $3.64.

Analysts Set New Price Targets

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

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.