SmartRent (NYSE:SMRT) Director Buys 15,000 Shares of Stock

SmartRent, Inc. (NYSE:SMRT) Director Thomas Bohjalian purchased 15,000 shares of the firm’s stock in a transaction on Thursday, August 20th. The shares were purchased at an average cost of $1.36 per share, for a total transaction of $20,400.00. Following the completion of the purchase, the director directly owned 781,062 shares in the company, valued at $1,062,244.32. The trade was a 1.96% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

SmartRent Trading Down 1.8%

Shares of NYSE SMRT traded down $0.03 during midday trading on Thursday, reaching $1.35. 615,959 shares of the stock were exchanged, compared to its average volume of 1,464,454. The stock has a 50 day moving average price of $1.14 and a 200-day moving average price of $1.35. The company has a market capitalization of $259.63 million, a P/E ratio of -13.55 and a beta of 1.52. SmartRent, Inc. has a 52-week low of $0.91 and a 52-week high of $2.20.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on SMRT shares. Weiss Ratings downgraded SmartRent from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 6th. Keefe, Bruyette & Woods lowered 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 equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $1.20.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. LPL Financial LLC boosted its holdings in SmartRent by 60.9% in the fourth quarter. LPL Financial LLC now owns 37,000 shares of the company’s stock valued at $75,000 after acquiring an additional 14,000 shares during the last quarter. Neuberger Berman Group LLC purchased a new stake in SmartRent during the fourth quarter valued at about $30,000. Invesco Ltd. increased its stake in SmartRent by 4.8% during the fourth quarter. Invesco Ltd. now owns 331,584 shares of the company’s stock worth $670,000 after acquiring an additional 15,124 shares during the last quarter. Squarepoint Ops LLC increased its stake in SmartRent by 111.3% during the fourth quarter. Squarepoint Ops LLC now owns 31,774 shares of the company’s stock worth $64,000 after acquiring an additional 16,734 shares during the last quarter. Finally, CTC Alternative Strategies Ltd. purchased a new position in shares of SmartRent in the 1st quarter worth about $26,000. 59.42% of the stock is owned by hedge funds and other institutional investors.

SmartRent Company 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.