Frank Martell Buys 40,260 Shares of SmartRent (NYSE:SMRT) Stock

SmartRent, Inc. (NYSE:SMRT) CEO Frank Martell bought 40,260 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was acquired at an average price of $1.13 per share, for a total transaction of $45,493.80. Following the completion of the purchase, the chief executive officer directly owned 3,225,526 shares in the company, valued at approximately $3,644,844.38. The trade was a 1.26% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Thursday, June 4th, Frank Martell bought 20,000 shares of SmartRent stock. The stock was acquired at an average price of $1.19 per share, for a total transaction of $23,800.00.
• On Tuesday, May 12th, Frank Martell acquired 100,000 shares of SmartRent stock. The stock was purchased at an average price of $1.18 per share, with a total value of $118,000.00.
• On Friday, May 8th, Frank Martell acquired 50,000 shares of SmartRent stock. The stock was purchased at an average price of $1.12 per share, with a total value of $56,000.00.

SmartRent Trading Down 5.6%

Shares of SMRT traded down $0.07 during midday trading on Friday, reaching $1.10. The stock had a trading volume of 1,637,631 shares, compared to its average volume of 1,101,379. The company’s 50-day moving average is $1.34 and its 200 day moving average is $1.62. SmartRent, Inc. has a 12-month low of $0.85 and a 12-month high of $2.20. The company has a market capitalization of $211.16 million, a price-to-earnings ratio of -8.42 and a beta of 1.53.

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

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Weiss Ratings lowered SmartRent from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, May 26th. Keefe, Bruyette & Woods lowered their price target on SmartRent from $2.00 to $1.40 and set a “market perform” rating for the company in a research report on Monday, May 18th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, SmartRent presently has a consensus rating of “Reduce” and a consensus price target of $1.40.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Citigroup Inc. raised its stake in SmartRent by 33.3% during the third quarter. Citigroup Inc. now owns 15,671,673 shares of the company’s stock valued at $22,097,000 after buying an additional 3,915,817 shares during the last quarter. UBS Group AG raised its stake in SmartRent by 28.8% during the third quarter. UBS Group AG now owns 10,448,199 shares of the company’s stock valued at $14,732,000 after buying an additional 2,335,454 shares during the last quarter. Blue Door Asset Management LLC raised its stake in SmartRent by 5.6% during the fourth quarter. Blue Door Asset Management LLC now owns 5,635,657 shares of the company’s stock valued at $11,384,000 after buying an additional 298,998 shares during the last quarter. Bank of America Corp DE raised its stake in SmartRent by 1,900.9% during the first quarter. Bank of America Corp DE now owns 5,387,342 shares of the company’s stock valued at $8,081,000 after buying an additional 5,118,096 shares during the last quarter. Finally, Punch & Associates Investment Management Inc. raised its stake in SmartRent by 163.9% during the first quarter. Punch & Associates Investment Management Inc. now owns 5,032,880 shares of the company’s stock valued at $7,549,000 after buying an additional 3,125,595 shares during the last quarter. Hedge funds and other institutional investors own 59.42% of the company’s stock.

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.