Thomas Bohjalian Acquires 40,000 Shares of SmartRent (NYSE:SMRT) Stock

SmartRent, Inc. (NYSE:SMRT) Director Thomas Bohjalian purchased 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were purchased at an average price of $1.40 per share, for a total transaction of $56,000.00. Following the transaction, the director owned 766,062 shares of the company’s stock, valued at $1,072,486.80. This trade represents a 5.51% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

SmartRent Trading Down 1.8%

Shares of SmartRent stock traded down $0.03 during trading hours on Thursday, reaching $1.35. The stock had a trading volume of 615,959 shares, compared to its average volume of 1,464,454. The stock’s 50 day moving average is $1.14 and its 200 day moving average is $1.35. SmartRent, Inc. has a twelve month low of $0.91 and a twelve month high of $2.20. The firm has a market capitalization of $259.63 million, a PE ratio of -13.55 and a beta of 1.52.

SmartRent (NYSE:SMRT) last posted its 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). SmartRent had a negative net margin of 12.97% and a negative return on equity of 8.50%. The business had revenue of $38.39 million for the quarter, compared to analyst estimates of $39.62 million. As a group, sell-side analysts predict that SmartRent, Inc. will post -0.1 earnings per share for the current year.

Institutional Investors Weigh In On SmartRent

A number of hedge funds have recently modified their holdings of the business. LPL Financial LLC lifted its stake in shares of SmartRent by 60.9% in the fourth quarter. LPL Financial LLC now owns 37,000 shares of the company’s stock worth $75,000 after buying an additional 14,000 shares in the last quarter. Neuberger Berman Group LLC purchased a new stake in SmartRent during the 4th quarter valued at about $30,000. Invesco Ltd. raised its holdings in SmartRent by 4.8% in the 4th quarter. Invesco Ltd. now owns 331,584 shares of the company’s stock valued at $670,000 after acquiring an additional 15,124 shares during the last quarter. Squarepoint Ops LLC raised its holdings in SmartRent by 111.3% in the 4th quarter. Squarepoint Ops LLC now owns 31,774 shares of the company’s stock valued at $64,000 after acquiring an additional 16,734 shares during the last quarter. Finally, CTC Alternative Strategies Ltd. purchased a new position in SmartRent in the 1st quarter worth approximately $26,000. 59.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SMRT has been the subject of a number of recent analyst reports. Weiss Ratings cut SmartRent from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 6th. Keefe, Bruyette & Woods dropped their price target on shares of SmartRent from $1.40 to $1.20 and set a “market perform” rating on the stock in a research note on Monday, July 13th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Reduce” and an average price target 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.