Insider Buying: SmartRent, Inc. (NYSE:SMRT) Director Purchases 48,204 Shares of Stock

SmartRent, Inc. (NYSE:SMRT) Director Frank Martell purchased 48,204 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was bought at an average price of $1.45 per share, for a total transaction of $69,895.80. Following the transaction, the director now directly owns 248,204 shares in the company, valued at $359,895.80. This trade represents a 24.10 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

• On Friday, November 15th, Frank Martell bought 50,000 shares of SmartRent stock. The stock was bought at an average cost of $1.49 per share, for a total transaction of $74,500.00.
• On Friday, September 6th, Frank Martell acquired 75,000 shares of SmartRent stock. The stock was acquired at an average cost of $1.63 per share, for a total transaction of $122,250.00.

SmartRent Price Performance

Shares of SmartRent stock remained flat at $1.44 during trading hours on Monday. The stock had a trading volume of 982,210 shares, compared to its average volume of 1,427,057. The firm has a market capitalization of $277.30 million, a price-to-earnings ratio of -11.08 and a beta of 1.96. SmartRent, Inc. has a 52 week low of $1.17 and a 52 week high of $3.47. The business’s 50-day simple moving average is $1.68 and its 200 day simple moving average is $2.01.

SmartRent (NYSE:SMRT) last released 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). SmartRent had a negative return on equity of 6.08% and a negative net margin of 12.77%. The business had revenue of $40.50 million for the quarter, compared to analysts’ expectations of $45.94 million. During the same quarter in the prior year, the firm earned ($0.04) earnings per share. SmartRent’s quarterly revenue was down 30.3% compared to the same quarter last year. On average, equities analysts predict that SmartRent, Inc. will post -0.14 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC raised its holdings in shares of SmartRent by 317.1% during the 3rd quarter. Barclays PLC now owns 292,017 shares of the company’s stock valued at $504,000 after buying an additional 221,998 shares during the period. XTX Topco Ltd increased its stake in SmartRent by 303.6% during the 3rd quarter. XTX Topco Ltd now owns 141,012 shares of the company’s stock worth $244,000 after buying an additional 106,071 shares during the period. Jane Street Group LLC lifted its stake in shares of SmartRent by 21.9% in the third quarter. Jane Street Group LLC now owns 310,672 shares of the company’s stock worth $537,000 after acquiring an additional 55,809 shares in the last quarter. State Street Corp boosted its stake in shares of SmartRent by 0.4% during the 3rd quarter. State Street Corp now owns 4,206,322 shares of the company’s stock valued at $7,277,000 after buying an additional 15,642 shares during the last quarter. Finally, Clearline Capital LP increased its position in shares of SmartRent by 788.5% in the 3rd quarter. Clearline Capital LP now owns 2,242,696 shares of the company’s stock worth $3,880,000 after purchasing an additional 1,990,285 shares during the last quarter. 59.42% of the stock is owned by hedge funds and other institutional investors.

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.