Frank Martell Acquires 50,000 Shares of SmartRent, Inc. (NYSE:SMRT) Stock

SmartRent, Inc. (NYSE:SMRT) Director Frank Martell bought 50,000 shares of the stock in a transaction on Friday, November 15th. The stock was acquired at an average price of $1.49 per share, with a total value of $74,500.00. Following the completion of the acquisition, the director now owns 200,000 shares of the company’s stock, valued at $298,000. This represents a 33.33 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

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

SmartRent Stock Performance

SMRT stock opened at $1.48 on Wednesday. The company has a market capitalization of $284.04 million, a P/E ratio of -11.35 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 has a 50-day simple moving average of $1.67 and a two-hundred day simple moving average of $2.00.

SmartRent (NYSE:SMRT) last announced its quarterly earnings results 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 company had revenue of $40.50 million for the quarter, compared to the consensus estimate of $45.94 million. During the same quarter last year, the company posted ($0.04) EPS. The company’s quarterly revenue was down 30.3% compared to the same quarter last year. As a group, sell-side analysts forecast that SmartRent, Inc. will post -0.14 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC bought a new position in shares of SmartRent in the third quarter valued at approximately $30,000. Algert Global LLC bought a new position in SmartRent in the 2nd quarter valued at $42,000. Paloma Partners Management Co purchased a new stake in shares of SmartRent during the 3rd quarter valued at $47,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of SmartRent during the 3rd quarter worth $65,000. Finally, Virtu Financial LLC purchased a new position in shares of SmartRent in the 1st quarter worth about $84,000. 59.42% of the stock is owned by 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.