SmartRent, Inc. (NYSE:SMRT) Sees Large Drop in Short Interest

SmartRent, Inc. (NYSE:SMRT) was the recipient of a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 6,600,000 shares, a drop of 19.9% from the November 15th total of 8,240,000 shares. Based on an average daily volume of 1,390,000 shares, the short-interest ratio is currently 4.7 days. Approximately 3.9% of the shares of the stock are sold short.

SmartRent Stock Down 1.6 %

NYSE SMRT traded down $0.03 on Friday, reaching $1.83. The company had a trading volume of 680,304 shares, compared to its average volume of 1,410,894. The stock has a market capitalization of $352.40 million, a PE ratio of -14.08 and a beta of 1.96. The firm’s 50 day moving average price is $1.69 and its 200 day moving average price is $1.89. SmartRent has a 12 month low of $1.17 and a 12 month high of $3.47.

SmartRent (NYSE:SMRT) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). SmartRent had a negative net margin of 12.77% and a negative return on equity of 6.08%. The company had revenue of $40.50 million during the quarter, compared to the consensus estimate of $45.94 million. During the same quarter in the prior year, the firm posted ($0.04) earnings per share. The business’s revenue was down 30.3% on a year-over-year basis. On average, research analysts expect that SmartRent will post -0.14 EPS for the current year.

Insider Activity

In related news, Director Frank Martell purchased 48,204 shares of SmartRent stock in a transaction on Monday, November 18th. The shares were bought at an average cost of $1.45 per share, for a total transaction of $69,895.80. Following the acquisition, the director now owns 248,204 shares in the company, valued at approximately $359,895.80. The trade was a 24.10 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 9.00% of the company’s stock.

Institutional Trading of SmartRent

A number of large investors have recently made changes to their positions in the business. Virtu Financial LLC bought a new stake in shares of SmartRent in the 3rd quarter worth about $26,000. Barclays PLC increased its holdings in shares of SmartRent by 317.1% in the 3rd quarter. Barclays PLC now owns 292,017 shares of the company’s stock worth $504,000 after buying an additional 221,998 shares during the last quarter. XTX Topco Ltd increased its holdings in shares of SmartRent by 303.6% in the 3rd quarter. XTX Topco Ltd now owns 141,012 shares of the company’s stock worth $244,000 after buying an additional 106,071 shares during the last quarter. Jane Street Group LLC boosted its stake in shares of SmartRent by 21.9% during the 3rd quarter. Jane Street Group LLC now owns 310,672 shares of the company’s stock worth $537,000 after purchasing an additional 55,809 shares during the period. Finally, State Street Corp boosted its stake in shares of SmartRent by 0.4% during the 3rd quarter. State Street Corp now owns 4,206,322 shares of the company’s stock worth $7,277,000 after purchasing an additional 15,642 shares during the period. 59.42% of the stock is currently owned by institutional investors.

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.