SmartRent, Inc. (NYSE:SMRT) Director Buys $122,250.00 in Stock

SmartRent, Inc. (NYSE:SMRT) Director Frank Martell purchased 75,000 shares of the stock in a transaction dated Friday, September 6th. The shares were purchased at an average cost of $1.63 per share, for a total transaction of $122,250.00. Following the completion of the acquisition, the director now directly owns 150,000 shares in the company, valued at $244,500. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

SmartRent Stock Performance

Shares of SMRT stock opened at $1.61 on Friday. SmartRent, Inc. has a 52-week low of $1.35 and a 52-week high of $3.47. The firm has a market capitalization of $324.94 million, a PE ratio of -10.73 and a beta of 1.97. The stock has a fifty day simple moving average of $1.97 and a two-hundred day simple moving average of $2.36.

SmartRent (NYSE:SMRT) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). SmartRent had a negative return on equity of 5.68% and a negative net margin of 10.73%. The business had revenue of $48.52 million during the quarter, compared to analysts’ expectations of $51.33 million. During the same quarter in the previous year, the company posted ($0.05) EPS. The company’s quarterly revenue was down 9.1% on a year-over-year basis. On average, sell-side analysts forecast that SmartRent, Inc. will post -0.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SMRT. Colliers Securities cut SmartRent from a “buy” rating to a “neutral” rating in a report on Wednesday, July 31st. BTIG Research cut SmartRent from a “buy” rating to a “neutral” rating in a report on Friday, August 2nd. Cantor Fitzgerald cut SmartRent from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $4.00 to $2.00 in a report on Thursday, August 8th. DA Davidson cut SmartRent from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $3.25 to $2.00 in a report on Wednesday, July 31st. Finally, Keefe, Bruyette & Woods cut SmartRent from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $3.50 to $2.00 in a report on Thursday, August 8th. Six analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $2.64.

Institutional Investors Weigh In On SmartRent

A number of institutional investors have recently bought and sold shares of SMRT. Algert Global LLC purchased a new position in shares of SmartRent during the second quarter valued at about $42,000. Victory Capital Management Inc. grew its position in SmartRent by 30.7% in the fourth quarter. Victory Capital Management Inc. now owns 22,428 shares of the company’s stock worth $72,000 after acquiring an additional 5,264 shares in the last quarter. Virtu Financial LLC purchased a new position in SmartRent in the first quarter worth about $84,000. Price T Rowe Associates Inc. MD grew its position in SmartRent by 18.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 53,177 shares of the company’s stock worth $143,000 after acquiring an additional 8,169 shares in the last quarter. Finally, Legacy Capital Group California Inc. grew its position in SmartRent by 104.3% in the second quarter. Legacy Capital Group California Inc. now owns 70,750 shares of the company’s stock worth $169,000 after acquiring an additional 36,123 shares in the last quarter. Hedge funds and other institutional investors own 59.42% of the company’s stock.

About SmartRent

SmartRent, Inc, an enterprise software company, provides an integrated smart home operating system to residential property owners and operators, homebuilders, institutional home buyers, developers, and residents in the United States. The company’s products and solutions include smart apartments and homes, access control for buildings, common areas, and rental units, asset protection and monitoring, parking management, self-guided tours, and community and resident Wi-Fi.