SmartRent (NYSE:SMRT) Releases 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 for the quarter, missing the consensus estimate of ($0.01) by ($0.01), Briefing.com reports. 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 during the quarter, compared to the consensus estimate of $51.33 million. During the same quarter in the prior year, the firm posted ($0.05) EPS. The company’s revenue for the quarter was down 9.1% on a year-over-year basis.

SmartRent Price Performance

Shares of SMRT traded down $0.10 during mid-day trading on Friday, reaching $1.42. 2,939,060 shares of the company’s stock traded hands, compared to its average volume of 1,374,578. The stock’s 50-day moving average is $2.25 and its two-hundred day moving average is $2.53. SmartRent has a 12 month low of $1.39 and a 12 month high of $3.64. The stock has a market cap of $286.60 million, a P/E ratio of -9.47 and a beta of 1.98.

Analyst Ratings Changes

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

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.