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

SmartRent, Inc. (NYSE:SMRT) Director Frank Martell acquired 48,204 shares of the business’s stock in a transaction on Monday, November 18th. The stock was bought at an average cost of $1.45 per share, for a total transaction of $69,895.80. Following the completion of the transaction, the director now directly owns 248,204 shares of the company’s stock, valued at $359,895.80. This trade represents a 24.10 % increase in their ownership of the stock. The purchase 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 Friday, November 15th, Frank Martell bought 50,000 shares of SmartRent stock. The stock was bought at an average price of $1.49 per share, with a total value of $74,500.00.
• On Friday, September 6th, Frank Martell purchased 75,000 shares of SmartRent stock. The shares were bought at an average cost of $1.63 per share, for a total transaction of $122,250.00.

SmartRent Price Performance

Shares of SMRT stock opened at $1.44 on Tuesday. The firm has a fifty day moving average of $1.68 and a two-hundred day moving average of $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 posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $40.50 million during the quarter, compared to analyst estimates of $45.94 million. During the same quarter last year, the business posted ($0.04) earnings per share. The firm’s revenue for the quarter was down 30.3% on a year-over-year basis. On average, sell-side analysts expect that SmartRent, Inc. will post -0.14 EPS for the current year.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On SmartRent

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in SmartRent by 1.9% in the first quarter. Vanguard Group Inc. now owns 20,244,087 shares of the company’s stock worth $54,254,000 after purchasing an additional 386,845 shares during the period. Citigroup Inc. boosted its holdings in shares of SmartRent by 27.2% in the 3rd quarter. Citigroup Inc. now owns 10,009,518 shares of the company’s stock valued at $17,316,000 after buying an additional 2,138,797 shares during the period. Long Pond Capital LP raised its stake in SmartRent by 133.1% during the second quarter. Long Pond Capital LP now owns 9,316,093 shares of the company’s stock worth $22,265,000 after acquiring an additional 5,320,147 shares during the period. Land & Buildings Investment Management LLC lifted its holdings in SmartRent by 82.0% in the second quarter. Land & Buildings Investment Management LLC now owns 5,658,366 shares of the company’s stock worth $13,523,000 after acquiring an additional 2,549,856 shares during the last quarter. Finally, Old West Investment Management LLC boosted its stake in SmartRent by 4.9% in the second quarter. Old West Investment Management LLC now owns 4,676,165 shares of the company’s stock valued at $11,176,000 after acquiring an additional 220,536 shares during the period. 59.42% of the stock is owned by institutional investors and hedge funds.

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.