SmartRent (NYSE:SMRT) Stock Falls 0.4% – Here’s What Happened

SmartRent, Inc. (NYSE:SMRT)’s share price dropped 0.4% during mid-day trading on Thursday. The company traded as low as $1.1550 and last traded at $1.1650. Approximately 722,900 shares were traded during trading, an increase of 1% from the average daily volume of 717,209 shares. The stock had previously closed at $1.17.

Analyst Ratings Changes

A number of research firms have issued reports on SMRT. Weiss Ratings upgraded SmartRent from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. Keefe, Bruyette & Woods lowered their target price on SmartRent from $1.40 to $1.20 and set a “market perform” rating for the company in a research report on Monday, July 13th. 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, the stock currently has an average rating of “Reduce” and an average target price of $1.20.

SmartRent Stock Up 0.4%

The stock has a 50 day simple moving average of $1.27 and a 200 day simple moving average of $1.24. The stock has a market cap of $223.23 million, a price-to-earnings ratio of -11.65 and a beta of 1.64.

SmartRent (NYSE:SMRT) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $39.62 million. Equities analysts expect that SmartRent, Inc. will post -0.10 earnings per share for the current year.

Insider Buying and Selling at SmartRent

In other news, Director Thomas Bohjalian bought 40,000 shares of the stock in a transaction on Wednesday, August 19th. The shares were purchased at an average cost of $1.40 per share, for a total transaction of $56,000.00. Following the completion of the purchase, the director directly owned 766,062 shares in the company, valued at $1,072,486.80. This represents a 5.51% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ana Pinczuk acquired 107,000 shares of the company’s stock in a transaction on Tuesday, August 11th. The shares were acquired at an average cost of $1.43 per share, for a total transaction of $153,010.00. Following the completion of the acquisition, the director owned 385,704 shares of the company’s stock, valued at approximately $551,556.72. The trade was a 38.39% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders bought 267,000 shares of company stock valued at $378,110. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On SmartRent

Several institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE boosted 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 period. Punch & Associates Investment Management Inc. increased its stake in SmartRent by 163.9% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 5,032,880 shares of the company’s stock worth $7,549,000 after acquiring an additional 3,125,595 shares during the last quarter. Kennedy Capital Management LLC purchased a new stake in shares of SmartRent in the 4th quarter valued at about $4,463,000. Ancora Advisors LLC purchased a new stake in shares of SmartRent in the 2nd quarter valued at about $1,470,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of SmartRent during the 2nd quarter valued at about $564,000. Hedge funds and other institutional investors own 59.42% of the company’s stock.

About SmartRent

SmartRent, Inc provides smart-home and property-management technology for rental housing owners, operators and residents. Its platform is designed to help property managers automate operations, improve the resident experience and manage connected devices across multifamily, single-family rental, student housing and other residential communities.

The company’s offerings include smart access systems, connected thermostats, sensors, leak detection devices and other Internet of Things hardware, supported by cloud-based software.