Insider Buying: SmartRent, Inc. (NYSE:SMRT) Director Purchases 75,000 Shares of Stock

SmartRent, Inc. (NYSE:SMRT) Director Frank Martell purchased 75,000 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was bought at an average price of $1.63 per share, for a total transaction of $122,250.00. Following the acquisition, the director now owns 150,000 shares of the company’s stock, valued at $244,500. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.

SmartRent Stock Performance

Shares of SMRT traded down $0.07 on Friday, hitting $1.61. 1,766,567 shares of the stock traded hands, compared to its average volume of 1,411,073. The company has a market capitalization of $324.94 million, a PE ratio of -10.77 and a beta of 1.97. SmartRent, Inc. has a one year low of $1.35 and a one year high of $3.47. The business has a 50 day simple moving average of $1.97 and a 200 day simple moving average of $2.36.

SmartRent (NYSE:SMRT) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). SmartRent had a negative return on equity of 5.68% and a negative net margin of 10.73%. The business had revenue of $48.52 million during the quarter, compared to analysts’ expectations of $51.33 million. During the same quarter in the prior year, the firm earned ($0.05) EPS. The firm’s revenue for the quarter was down 9.1% compared to the same quarter last year. On average, equities analysts expect that SmartRent, Inc. will post -0.09 earnings per share for the current year.

Institutional Trading of SmartRent

Institutional investors have recently made changes to their positions in the stock. Algert Global LLC bought a new position in shares of SmartRent during the 2nd quarter valued at $42,000. Clearline Capital LP bought a new position in SmartRent in the second quarter valued at about $603,000. Long Pond Capital LP boosted its position in SmartRent by 133.1% in the second quarter. Long Pond Capital LP now owns 9,316,093 shares of the company’s stock worth $22,265,000 after purchasing an additional 5,320,147 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of SmartRent by 12.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 76,918 shares of the company’s stock valued at $184,000 after purchasing an additional 8,532 shares during the period. Finally, AQR Capital Management LLC increased its position in shares of SmartRent by 84.6% during the 2nd quarter. AQR Capital Management LLC now owns 172,453 shares of the company’s stock valued at $412,000 after purchasing an additional 79,048 shares during the last quarter. Hedge funds and other institutional investors own 59.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on SMRT shares. Colliers Securities cut shares of SmartRent from a “buy” rating to a “neutral” rating in a report on Wednesday, July 31st. DA Davidson lowered shares of SmartRent from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $3.25 to $2.00 in a research note on Wednesday, July 31st. Keefe, Bruyette & Woods downgraded shares of SmartRent from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $3.50 to $2.00 in a research note on Thursday, August 8th. Cantor Fitzgerald cut SmartRent from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $4.00 to $2.00 in a research report on Thursday, August 8th. Finally, BTIG Research cut SmartRent from a “buy” rating to a “neutral” rating in a research note on Friday, August 2nd. Six analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $2.64.

SmartRent Company Profile

SmartRent, Inc, an enterprise software company, provides an integrated smart home operating system to residential property owners and operators, homebuilders, institutional home buyers, developers, and residents in the United States. The company’s products and solutions include smart apartments and homes, access control for buildings, common areas, and rental units, asset protection and monitoring, parking management, self-guided tours, and community and resident Wi-Fi.