SmartRent (NYSE:SMRT) CEO Frank Martell Purchases 20,000 Shares of Stock

SmartRent, Inc. (NYSE:SMRT) CEO Frank Martell bought 20,000 shares of the stock in a transaction dated Thursday, June 4th. The shares were bought at an average cost of $1.19 per share, with a total value of $23,800.00. Following the completion of the purchase, the chief executive officer directly owned 3,185,266 shares of the company’s stock, valued at approximately $3,790,466.54. This trade represents a 0.63% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

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

• On Friday, June 5th, Frank Martell bought 40,260 shares of SmartRent stock. The shares were bought at an average cost of $1.13 per share, with a total value of $45,493.80.
• On Tuesday, May 12th, Frank Martell bought 100,000 shares of SmartRent stock. The shares were bought at an average cost of $1.18 per share, with a total value of $118,000.00.
• On Friday, May 8th, Frank Martell bought 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 5.6%

Shares of SMRT opened at $1.10 on Friday. The firm has a market capitalization of $211.16 million, a P/E ratio of -8.42 and a beta of 1.53. SmartRent, Inc. has a 12-month low of $0.85 and a 12-month high of $2.20. The firm has a fifty day moving average price of $1.33 and a 200-day moving average price of $1.62.

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

Analyst Ratings Changes

SMRT has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods lowered their target price on shares of SmartRent from $2.00 to $1.40 and set a “market perform” rating for the company in a research note on Monday, May 18th. Weiss Ratings lowered shares of SmartRent from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, May 26th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, SmartRent currently has an average rating of “Reduce” and an average target price of $1.40.

Hedge Funds Weigh In On SmartRent

A number of large investors have recently added to or reduced their stakes in the company. CTC Alternative Strategies Ltd. bought a new position in SmartRent in the first quarter worth about $26,000. Bank of America Corp DE raised its holdings in SmartRent by 1,900.9% in the first 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. bought a new position in SmartRent in the first quarter worth about $34,000. Punch & Associates Investment Management Inc. raised its holdings in SmartRent by 163.9% in the first quarter. Punch & Associates Investment Management Inc. now owns 5,032,880 shares of the company’s stock worth $7,549,000 after purchasing an additional 3,125,595 shares in the last quarter. Finally, Sei Investments Co. raised its holdings in SmartRent by 144.5% in the first quarter. Sei Investments Co. now owns 351,956 shares of the company’s stock worth $528,000 after purchasing an additional 207,999 shares in the last quarter. 59.42% of the stock is currently owned by institutional investors.

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.