Wealth Enhancement Advisory Services LLC Raises Stake in SmartRent, Inc. $SMRT

Wealth Enhancement Advisory Services LLC grew its position in shares of SmartRent, Inc. (NYSE:SMRT) by 65.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 57,179 shares of the company’s stock after purchasing an additional 22,582 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in SmartRent were worth $57,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of SMRT. Pallas Capital Advisors LLC increased its position in shares of SmartRent by 128.5% during the 2nd quarter. Pallas Capital Advisors LLC now owns 30,788 shares of the company’s stock valued at $30,000 after purchasing an additional 17,312 shares during the last quarter. CWM LLC increased its position in shares of SmartRent by 944.4% during the 1st quarter. CWM LLC now owns 37,746 shares of the company’s stock valued at $46,000 after purchasing an additional 34,132 shares during the last quarter. Cerity Partners LLC bought a new position in shares of SmartRent during the 1st quarter valued at about $50,000. Jacobs Levy Equity Management Inc. bought a new position in shares of SmartRent during the 1st quarter valued at about $69,000. Finally, SCS Capital Management LLC bought a new position in shares of SmartRent during the 1st quarter valued at about $76,000. 59.42% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SMRT has been the topic of several recent research reports. Keefe, Bruyette & Woods increased their price objective on SmartRent from $1.30 to $1.45 and gave the company a “market perform” rating in a research report on Tuesday, August 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SmartRent in a research report on Saturday, September 27th. Zacks Research upgraded SmartRent to a “hold” rating in a research report on Friday, August 8th. Finally, Wall Street Zen lowered SmartRent from a “hold” rating to a “sell” rating in a research report on Friday, September 26th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $1.45.

Insider Buying and Selling

In other news, Director Thomas N. Bohjalian bought 100,000 shares of the stock in a transaction dated Tuesday, August 19th. The stock was bought at an average price of $1.50 per share, for a total transaction of $150,000.00. Following the purchase, the director directly owned 300,000 shares in the company, valued at $450,000. This trade represents a 50.00% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Frank Martell bought 150,000 shares of the stock in a transaction dated Friday, August 8th. The stock was purchased at an average price of $1.25 per share, with a total value of $187,500.00. Following the purchase, the chief executive officer owned 398,204 shares in the company, valued at $497,755. This trade represents a 60.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 725,000 shares of company stock valued at $989,350. 9.00% of the stock is currently owned by company insiders.

SmartRent Stock Performance

NYSE SMRT opened at $1.40 on Monday. SmartRent, Inc. has a fifty-two week low of $0.67 and a fifty-two week high of $1.99. The stock has a 50 day simple moving average of $1.42 and a two-hundred day simple moving average of $1.11. The stock has a market cap of $262.36 million, a P/E ratio of -3.67 and a beta of 1.84.

SmartRent (NYSE:SMRT) last released its earnings results on Wednesday, August 6th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The firm had revenue of $38.31 million during the quarter, compared to analysts’ expectations of $38.85 million. SmartRent had a negative net margin of 46.54% and a negative return on equity of 14.94%. Sell-side analysts predict that SmartRent, Inc. will post -0.14 earnings per share for the current year.

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.