Royce & Associates LP Grows Position in SmartRent, Inc. $SMRT

Royce & Associates LP grew its stake in shares of SmartRent, Inc. (NYSE:SMRT) by 77.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,434,571 shares of the company’s stock after buying an additional 1,065,000 shares during the period. Royce & Associates LP owned 1.29% of SmartRent worth $4,918,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Kanen Wealth Management LLC purchased a new position in SmartRent during the third quarter worth $26,000. Dean Jacobson Financial Services LLC purchased a new position in SmartRent during the fourth quarter worth $35,000. Oppenheimer Asset Management Inc. purchased a new position in SmartRent during the fourth quarter worth $39,000. Jump Financial LLC purchased a new position in SmartRent during the second quarter worth $42,000. Finally, Franklin Resources Inc. purchased a new position in SmartRent during the third quarter worth $43,000. Hedge funds and other institutional investors own 59.42% of the company’s stock.

Wall Street Analysts Forecast Growth

SMRT has been the subject of several recent research reports. Keefe, Bruyette & Woods dropped their price target on SmartRent from $2.00 to $1.40 and set a “market perform” rating for the company in a research report on Monday, May 18th. Weiss Ratings downgraded SmartRent from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $1.40.

SmartRent Stock Down 4.2%

Shares of NYSE:SMRT opened at $1.26 on Friday. The company has a market cap of $242.01 million, a P/E ratio of -9.65 and a beta of 1.57. SmartRent, Inc. has a 52 week low of $0.78 and a 52 week high of $2.20. The business has a fifty day simple moving average of $1.37 and a 200-day simple moving average of $1.63.

SmartRent (NYSE:SMRT) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.02) EPS for the quarter, meeting analysts’ consensus estimates of ($0.02). The business had revenue of $36.63 million during the quarter, compared to the consensus estimate of $36.82 million. SmartRent had a negative return on equity of 10.61% and a negative net margin of 16.58%. Sell-side analysts expect that SmartRent, Inc. will post -0.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other SmartRent news, Director Thomas N. Bohjalian acquired 150,000 shares of the stock in a transaction dated Thursday, March 12th. The stock was acquired at an average price of $1.74 per share, with a total value of $261,000.00. Following the completion of the transaction, the director directly owned 500,000 shares in the company, valued at approximately $870,000. This trade represents a 42.86% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Frank Martell acquired 100,000 shares of the stock in a transaction dated Tuesday, May 12th. The stock was acquired at an average cost of $1.18 per share, with a total value of $118,000.00. Following the transaction, the chief executive officer owned 3,165,266 shares of the company’s stock, valued at approximately $3,735,013.88. This trade represents a 3.26% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders bought 310,000 shares of company stock valued at $447,500. Company insiders own 2.30% of the company’s stock.

About SmartRent

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.