Punch & Associates Investment Management Inc. Purchases 3,125,595 Shares of SmartRent, Inc. $SMRT

Punch & Associates Investment Management Inc. grew its holdings in SmartRent, Inc. (NYSE:SMRT) by 163.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,032,880 shares of the company’s stock after buying an additional 3,125,595 shares during the period. Punch & Associates Investment Management Inc.’s holdings in SmartRent were worth $7,549,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Royce & Associates LP raised its holdings in SmartRent by 77.8% during the 4th quarter. Royce & Associates LP now owns 2,434,571 shares of the company’s stock valued at $4,918,000 after buying an additional 1,065,000 shares during the period. Kennedy Capital Management LLC bought a new stake in SmartRent in the fourth quarter worth $4,463,000. Neuberger Berman Group LLC purchased a new position in SmartRent during the fourth quarter worth $30,000. Kanen Wealth Management LLC purchased a new position in SmartRent during the third quarter worth $26,000. Finally, Sei Investments Co. increased its position in SmartRent by 144.5% during the first quarter. Sei Investments Co. now owns 351,956 shares of the company’s stock valued at $528,000 after acquiring an additional 207,999 shares during the last quarter. Hedge funds and other institutional investors own 59.42% of the company’s stock.

SmartRent Stock Performance

Shares of NYSE SMRT opened at $0.95 on Friday. SmartRent, Inc. has a fifty-two week low of $0.90 and a fifty-two week high of $2.20. The company has a market cap of $183.20 million, a price-to-earnings ratio of -7.31 and a beta of 1.51. The business’s 50 day moving average price is $1.12 and its 200-day moving average price is $1.42.

SmartRent (NYSE:SMRT) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02). The company had revenue of $36.63 million during the quarter, compared to analysts’ expectations 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 predict that SmartRent, Inc. will post -0.1 earnings per share for the current year.

Insider Buying and Selling at SmartRent

In related news, CEO Frank Martell purchased 40,260 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were purchased at an average cost of $1.13 per share, for a total transaction of $45,493.80. Following the completion of the acquisition, the chief executive officer owned 3,225,526 shares in the company, valued at approximately $3,644,844.38. This trade represents a 1.26% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Thomas N. Bohjalian purchased 75,000 shares of SmartRent stock in a transaction that occurred on Wednesday, June 10th. The stock was bought at an average cost of $1.11 per share, for a total transaction of $83,250.00. Following the purchase, the director directly owned 721,062 shares in the company, valued at $800,378.82. This trade represents a 11.61% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have bought 295,260 shares of company stock valued at $339,044. Corporate insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SMRT. Weiss Ratings raised shares of SmartRent from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday. Keefe, Bruyette & Woods dropped their price target on shares of SmartRent from $1.40 to $1.20 and set a “market perform” rating for the company in a research note on Monday, July 13th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $1.20.

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.