SmartRent (NYSE:SMRT) CEO Buys $142,000.00 in Stock

SmartRent, Inc. (NYSE:SMRT) CEO Frank Martell purchased 100,000 shares of SmartRent stock in a transaction dated Tuesday, August 11th. The stock was bought at an average price of $1.42 per share, for a total transaction of $142,000.00. Following the completion of the transaction, the chief executive officer directly owned 3,672,086 shares in the company, valued at $5,214,362.12. The trade was a 2.80% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Friday, June 5th, Frank Martell acquired 40,260 shares of SmartRent stock. The stock was bought at an average price of $1.13 per share, with a total value of $45,493.80.
• On Thursday, June 4th, Frank Martell acquired 20,000 shares of SmartRent stock. The stock was bought at an average price of $1.19 per share, with a total value of $23,800.00.

SmartRent Trading Down 0.6%

Shares of SMRT opened at $1.44 on Friday. The stock has a market cap of $276.30 million, a P/E ratio of -14.42 and a beta of 1.52. SmartRent, Inc. has a 1 year low of $0.91 and a 1 year high of $2.20. The stock’s 50-day moving average price is $1.11 and its two-hundred day moving average price is $1.36.

SmartRent (NYSE:SMRT) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). The company had revenue of $38.39 million during the quarter, compared to the consensus estimate of $39.62 million. SmartRent had a negative net margin of 12.97% and a negative return on equity of 8.50%. As a group, equities analysts forecast that SmartRent, Inc. will post -0.1 EPS for the current year.

Institutional Investors Weigh In On SmartRent

A number of hedge funds have recently modified their holdings of SMRT. Bank of New York Mellon Corp bought a new position in shares of SmartRent during the 2nd quarter valued at about $564,000. CTC Alternative Strategies Ltd. bought a new stake in SmartRent during the 1st quarter worth approximately $26,000. Bank of America Corp DE increased its stake in SmartRent by 1,900.9% during the 1st quarter. Bank of America Corp DE now owns 5,387,342 shares of the company’s stock worth $8,081,000 after purchasing an additional 5,118,096 shares in the last quarter. SummitTX Capital L.P. acquired a new stake in SmartRent during the 1st quarter worth approximately $34,000. Finally, Punch & Associates Investment Management Inc. raised its holdings in SmartRent by 163.9% during the 1st quarter. Punch & Associates Investment Management Inc. now owns 5,032,880 shares of the company’s stock worth $7,549,000 after buying an additional 3,125,595 shares during the period. Institutional investors and hedge funds own 59.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on SMRT shares. Keefe, Bruyette & Woods cut their target price on shares of SmartRent from $1.40 to $1.20 and set a “market perform” rating on the stock in a report on Monday, July 13th. Weiss Ratings lowered shares of SmartRent from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 6th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, SmartRent currently has a consensus rating of “Reduce” and a consensus target price of $1.20.

About SmartRent

SmartRent Inc is a technology company that develops smart home and smart building automation solutions for the residential rental housing industry. Its integrated hardware and software platform enables property managers and owners to remotely monitor, manage and control access, energy use and overall resident experience. The company’s product portfolio includes smart locks, thermostats, leak and flood sensors, door and window sensors, security cameras, and a centralized management dashboard that interfaces with leading property management systems.

SmartRent’s platform is designed to streamline operations for multifamily communities and single-family rental portfolios by automating routine tasks such as digital resident self-showings, remote lease turnovers, package management and preventative maintenance alerts.