Royce & Associates LP Acquires 502,994 Shares of SmartRent, Inc. $SMRT

Royce & Associates LP boosted its holdings in SmartRent, Inc. (NYSE:SMRT) by 58.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,369,571 shares of the company’s stock after purchasing an additional 502,994 shares during the quarter. Royce & Associates LP owned about 0.72% of SmartRent worth $1,931,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Citigroup Inc. grew its stake in shares of SmartRent by 33.3% in the 3rd quarter. Citigroup Inc. now owns 15,671,673 shares of the company’s stock worth $22,097,000 after buying an additional 3,915,817 shares during the last quarter. Marshall Wace LLP boosted its holdings in SmartRent by 230.4% in the second quarter. Marshall Wace LLP now owns 2,657,531 shares of the company’s stock worth $2,631,000 after acquiring an additional 1,853,247 shares in the last quarter. Jane Street Group LLC boosted its holdings in SmartRent by 430.2% in the second quarter. Jane Street Group LLC now owns 1,596,146 shares of the company’s stock worth $1,580,000 after acquiring an additional 1,295,098 shares in the last quarter. Dimension Capital Management LLC purchased a new stake in shares of SmartRent in the second quarter worth $1,148,000. Finally, AQR Capital Management LLC increased its holdings in shares of SmartRent by 245.9% during the first quarter. AQR Capital Management LLC now owns 973,783 shares of the company’s stock valued at $1,178,000 after acquiring an additional 692,268 shares in the last quarter. 59.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Wall Street Zen upgraded shares of SmartRent from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SmartRent in a report on Monday, December 29th. Finally, Zacks Research upgraded shares of SmartRent from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $1.45.

Insider Buying and Selling at SmartRent

In other SmartRent news, CEO Frank Martell acquired 30,534 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The shares were bought at an average price of $2.06 per share, with a total value of $62,900.04. Following the completion of the acquisition, the chief executive officer owned 2,094,330 shares in the company, valued at $4,314,319.80. This represents a 1.48% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders have purchased 75,000 shares of company stock valued at $154,945. 1.90% of the stock is owned by corporate insiders.

SmartRent Price Performance

SMRT stock opened at $1.75 on Friday. SmartRent, Inc. has a 1 year low of $0.67 and a 1 year high of $2.20. The company has a market cap of $331.10 million, a P/E ratio of -5.47 and a beta of 1.79. The stock’s fifty day moving average price is $1.75 and its 200-day moving average price is $1.64.

SmartRent (NYSE:SMRT) last posted its quarterly earnings data on Wednesday, March 4th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The firm had revenue of $33.78 million for the quarter, compared to analysts’ expectations of $36.31 million. SmartRent had a negative net margin of 39.76% and a negative return on equity of 12.81%. As a group, analysts expect that SmartRent, Inc. will post -0.14 earnings per share for the current year.

SmartRent Profile

SmartRent Inc is a technology company that develops smart home and smart building automation solutions for the residential rental housing industry. Its integrated hardware and software platform enables property managers and owners to remotely monitor, manage and control access, energy use and overall resident experience. The company’s product portfolio includes smart locks, thermostats, leak and flood sensors, door and window sensors, security cameras, and a centralized management dashboard that interfaces with leading property management systems.

SmartRent’s platform is designed to streamline operations for multifamily communities and single-family rental portfolios by automating routine tasks such as digital resident self-showings, remote lease turnovers, package management and preventative maintenance alerts.