SmartRent (NYSE:SMRT) CEO Frank Martell Buys 100,000 Shares

SmartRent, Inc. (NYSE:SMRT) CEO Frank Martell acquired 100,000 shares of SmartRent stock in a transaction that occurred on Tuesday, August 11th. The stock was purchased at an average cost of $1.42 per share, with a total value of $142,000.00. Following the completion of the purchase, the chief executive officer owned 3,672,086 shares in the company, valued at $5,214,362.12. The trade was a 2.80% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Frank Martell also recently made the following trade(s):

• On Friday, June 5th, Frank Martell bought 40,260 shares of SmartRent stock. The shares were acquired at an average cost of $1.13 per share, for a total transaction of $45,493.80.
• On Thursday, June 4th, Frank Martell bought 20,000 shares of SmartRent stock. The stock was acquired at an average price of $1.19 per share, with a total value of $23,800.00.

SmartRent Trading Up 4.8%

NYSE:SMRT opened at $1.43 on Wednesday. The company’s 50-day moving average price is $1.10 and its 200-day moving average price is $1.36. The company has a market cap of $273.04 million, a P/E ratio of -14.25 and a beta of 1.52. SmartRent, Inc. has a twelve month low of $0.91 and a twelve month high of $2.20.

SmartRent (NYSE:SMRT) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). SmartRent had a negative return on equity of 8.50% and a negative net margin of 12.97%.The business had revenue of $38.39 million for the quarter, compared to analyst estimates of $39.62 million. On average, analysts expect that SmartRent, Inc. will post -0.1 earnings per share for the current year.

Institutional Investors Weigh In On SmartRent

A number of hedge funds have recently modified their holdings of SMRT. AQR Capital Management LLC increased its position in SmartRent by 245.9% during the first quarter. AQR Capital Management LLC now owns 973,783 shares of the company’s stock worth $1,178,000 after purchasing an additional 692,268 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in SmartRent during the first quarter worth about $69,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in SmartRent by 81.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 634,066 shares of the company’s stock valued at $767,000 after purchasing an additional 285,478 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in SmartRent by 55.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 173,485 shares of the company’s stock valued at $172,000 after purchasing an additional 62,028 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of SmartRent in the 2nd quarter valued at approximately $248,000. Hedge funds and other institutional investors own 59.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on SMRT shares. Weiss Ratings cut SmartRent from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 6th. Keefe, Bruyette & Woods cut their price target on SmartRent from $1.40 to $1.20 and set a “market perform” rating for the company in a report on Monday, July 13th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, SmartRent has a consensus rating of “Reduce” and a consensus price target of $1.20.

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.