Insider Buying: SmartRent, Inc. (NYSE:SMRT) Director Purchases 50,000 Shares of Stock

SmartRent, Inc. (NYSE:SMRT) Director Frank Martell acquired 50,000 shares of the business’s stock in a transaction on Friday, November 15th. The shares were purchased at an average price of $1.49 per share, with a total value of $74,500.00. Following the transaction, the director now owns 200,000 shares in the company, valued at $298,000. The trade was a 33.33 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Monday, November 18th, Frank Martell bought 48,204 shares of SmartRent stock. The stock was purchased at an average cost of $1.45 per share, for a total transaction of $69,895.80.
• On Friday, September 6th, Frank Martell purchased 75,000 shares of SmartRent stock. The shares were purchased at an average cost of $1.63 per share, with a total value of $122,250.00.

SmartRent Stock Performance

SMRT stock opened at $1.44 on Tuesday. The stock’s 50 day moving average price is $1.68 and its 200 day moving average price is $2.01. The firm has a market cap of $277.30 million, a P/E ratio of -11.08 and a beta of 1.96. SmartRent, Inc. has a 1 year low of $1.17 and a 1 year high of $3.47.

SmartRent (NYSE:SMRT) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.03). The company had revenue of $40.50 million during the quarter, compared to analysts’ expectations of $45.94 million. SmartRent had a negative net margin of 12.77% and a negative return on equity of 6.08%. The firm’s revenue was down 30.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.04) earnings per share. On average, research analysts predict that SmartRent, Inc. will post -0.14 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have issued reports on SMRT shares. Cantor Fitzgerald cut SmartRent from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $4.00 to $2.00 in a research report on Thursday, August 8th. BTIG Research lowered SmartRent from a “buy” rating to a “neutral” rating in a report on Friday, August 2nd. DA Davidson cut SmartRent from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $3.25 to $2.00 in a research report on Wednesday, July 31st. Colliers Securities lowered shares of SmartRent from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 31st. Finally, Keefe, Bruyette & Woods downgraded shares of SmartRent from an “outperform” rating to a “market perform” rating and cut their price target for the company from $3.50 to $2.00 in a report on Thursday, August 8th. Five analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $2.50.

Institutional Investors Weigh In On SmartRent

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Long Pond Capital LP lifted its stake in shares of SmartRent by 133.1% during the second quarter. Long Pond Capital LP now owns 9,316,093 shares of the company’s stock valued at $22,265,000 after buying an additional 5,320,147 shares during the period. Vanguard Group Inc. grew its stake in SmartRent by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 20,244,087 shares of the company’s stock worth $54,254,000 after acquiring an additional 386,845 shares during the period. Land & Buildings Investment Management LLC raised its holdings in SmartRent by 82.0% in the 2nd quarter. Land & Buildings Investment Management LLC now owns 5,658,366 shares of the company’s stock valued at $13,523,000 after acquiring an additional 2,549,856 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of SmartRent by 16.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,248,368 shares of the company’s stock worth $7,763,000 after purchasing an additional 468,619 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of SmartRent by 18.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 53,177 shares of the company’s stock worth $143,000 after purchasing an additional 8,169 shares during the last quarter. 59.42% of the stock is currently owned by hedge funds and other institutional investors.

About SmartRent

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.