Colliers Securities Forecasts SmartRent FY2024 Earnings

SmartRent, Inc. (NYSE:SMRT) – Stock analysts at Colliers Securities cut their FY2024 earnings per share estimates for shares of SmartRent in a research report issued to clients and investors on Monday, November 11th. Colliers Securities analyst B. Oxford now forecasts that the company will post earnings of ($0.15) per share for the year, down from their prior estimate of ($0.11). Colliers Securities has a “Neutral” rating on the stock. The consensus estimate for SmartRent’s current full-year earnings is ($0.14) per share. Colliers Securities also issued estimates for SmartRent’s FY2025 earnings at ($0.17) EPS.

SMRT has been the subject of a number of other reports. BTIG Research lowered SmartRent from a “buy” rating to a “neutral” rating in a research note on Friday, August 2nd. Cantor Fitzgerald lowered SmartRent from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $4.00 to $2.00 in a report on Thursday, August 8th. Keefe, Bruyette & Woods downgraded shares of SmartRent from an “outperform” rating to a “market perform” rating and cut their price target for the company from $3.50 to $2.00 in a report on Thursday, August 8th. Finally, DA Davidson cut shares of SmartRent from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $3.25 to $2.00 in a research note on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $2.50.

SmartRent Price Performance

SmartRent stock opened at $1.44 on Thursday. SmartRent has a 12-month low of $1.17 and a 12-month high of $3.47. The stock has a market capitalization of $277.30 million, a PE ratio of -11.08 and a beta of 1.96. The firm has a 50 day simple moving average of $1.68 and a 200-day simple moving average of $2.01.

SmartRent (NYSE:SMRT) last released its earnings results on Wednesday, November 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.03). SmartRent had a negative net margin of 12.77% and a negative return on equity of 6.08%. The company had revenue of $40.50 million for the quarter, compared to analyst estimates of $45.94 million. During the same period in the previous year, the business posted ($0.04) EPS. The firm’s quarterly revenue was down 30.3% on a year-over-year basis.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. First Eagle Investment Management LLC boosted its stake in shares of SmartRent by 38.5% during the 1st quarter. First Eagle Investment Management LLC now owns 1,389,680 shares of the company’s stock valued at $3,724,000 after buying an additional 386,000 shares during the period. Long Pond Capital LP boosted its position in SmartRent by 133.1% during the second quarter. Long Pond Capital LP now owns 9,316,093 shares of the company’s stock valued at $22,265,000 after purchasing an additional 5,320,147 shares during the last quarter. Vanguard Group Inc. grew its stake in SmartRent by 1.9% in the first quarter. Vanguard Group Inc. now owns 20,244,087 shares of the company’s stock valued at $54,254,000 after purchasing an additional 386,845 shares in the last quarter. Land & Buildings Investment Management LLC grew its stake in SmartRent by 82.0% in the second quarter. Land & Buildings Investment Management LLC now owns 5,658,366 shares of the company’s stock valued at $13,523,000 after purchasing an additional 2,549,856 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in SmartRent by 12.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 396,786 shares of the company’s stock worth $1,063,000 after purchasing an additional 44,611 shares during the last quarter. 59.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CMO Robyn Young purchased 14,793 shares of SmartRent stock in a transaction that occurred on Friday, August 30th. The stock was acquired at an average price of $1.70 per share, for a total transaction of $25,148.10. Following the transaction, the chief marketing officer now owns 52,305 shares in the company, valued at $88,918.50. The trade was a 39.44 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frank Martell acquired 75,000 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average cost of $1.63 per share, with a total value of $122,250.00. Following the purchase, the director now directly owns 150,000 shares in the company, valued at approximately $244,500. This trade represents a 100.00 % increase in their position. The disclosure for this purchase can be found here. 9.00% of the stock is currently owned by company insiders.

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.