Insider Buying: SmartRent (NYSE:SMRT) CEO Purchases $118,000.00 in Stock

SmartRent, Inc. (NYSE:SMRT) CEO Frank Martell purchased 100,000 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The shares were bought at an average cost of $1.18 per share, with a total value of $118,000.00. Following the transaction, the chief executive officer directly owned 3,165,266 shares of the company’s stock, valued at approximately $3,735,013.88. This represents a 3.26% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Friday, May 8th, Frank Martell purchased 50,000 shares of SmartRent stock. The shares were bought at an average cost of $1.12 per share, with a total value of $56,000.00.

SmartRent Trading Down 4.7%

SMRT stock opened at $1.12 on Friday. SmartRent, Inc. has a twelve month low of $0.74 and a twelve month high of $2.20. The company has a market capitalization of $215.02 million, a P/E ratio of -8.58 and a beta of 1.57. The firm has a 50 day simple moving average of $1.47 and a 200-day simple moving average of $1.64.

SmartRent (NYSE:SMRT) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.02) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.02). SmartRent had a negative net margin of 16.58% and a negative return on equity of 10.61%. The business had revenue of $36.63 million during the quarter, compared to the consensus estimate of $36.82 million. On average, research analysts predict that SmartRent, Inc. will post -0.1 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised shares of SmartRent from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, May 7th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, SmartRent has an average rating of “Reduce” and a consensus price target of $1.45.

Hedge Funds Weigh In On SmartRent

Hedge funds have recently added to or reduced their stakes in the business. Neuberger Berman Group LLC acquired a new position in SmartRent in the fourth quarter worth $30,000. Dean Jacobson Financial Services LLC acquired a new position in SmartRent in the fourth quarter worth $35,000. Kanen Wealth Management LLC acquired a new position in SmartRent in the third quarter worth $26,000. Oppenheimer Asset Management Inc. acquired a new position in SmartRent in the fourth quarter worth $39,000. Finally, SummitTX Capital L.P. acquired a new position in SmartRent in the first quarter worth $34,000. Institutional investors and hedge funds own 59.42% of the company’s stock.

SmartRent Company Profile

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.