Dimensional Fund Advisors LP Acquires 468,619 Shares of SmartRent, Inc. (NYSE:SMRT)

Dimensional Fund Advisors LP grew its stake in shares of SmartRent, Inc. (NYSE:SMRT) by 16.9% in the second quarter, HoldingsChannel.com reports. The fund owned 3,248,368 shares of the company’s stock after acquiring an additional 468,619 shares during the quarter. Dimensional Fund Advisors LP’s holdings in SmartRent were worth $7,763,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. First Eagle Investment Management LLC lifted its stake in shares of SmartRent by 38.5% in the 1st quarter. First Eagle Investment Management LLC now owns 1,389,680 shares of the company’s stock valued at $3,724,000 after acquiring an additional 386,000 shares during the last quarter. Vanguard Group Inc. increased its position in SmartRent by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 20,244,087 shares of the company’s stock valued at $54,254,000 after buying an additional 386,845 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of SmartRent by 12.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 396,786 shares of the company’s stock worth $1,063,000 after purchasing an additional 44,611 shares during the period. Blue Door Asset Management LLC lifted its stake in shares of SmartRent by 0.5% in the fourth quarter. Blue Door Asset Management LLC now owns 3,125,581 shares of the company’s stock valued at $9,971,000 after buying an additional 16,150 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in SmartRent by 18.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 53,177 shares of the company’s stock valued at $143,000 after purchasing an additional 8,169 shares during the last quarter. 59.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

SmartRent Price Performance

SMRT opened at $1.65 on Tuesday. SmartRent, Inc. has a one year low of $1.35 and a one year high of $3.47. The firm has a market capitalization of $333.02 million, a P/E ratio of -11.00 and a beta of 1.97. The company has a fifty day moving average price of $1.68 and a 200-day moving average price of $2.18.

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

Insider Buying and Selling

In related news, Director Frank Martell purchased 75,000 shares of the business’s stock in a transaction on Friday, September 6th. The stock was acquired at an average price of $1.63 per share, with a total value of $122,250.00. Following the purchase, the director now directly owns 150,000 shares in the company, valued at approximately $244,500. This represents a 100.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Frank Martell bought 75,000 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was bought at an average price of $1.63 per share, for a total transaction of $122,250.00. Following the transaction, the director now directly owns 150,000 shares of the company’s stock, valued at $244,500. This represents a 100.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Robyn Young purchased 14,793 shares of SmartRent stock in a transaction on Friday, August 30th. The shares were acquired at an average price of $1.70 per share, for a total transaction of $25,148.10. Following the completion of the transaction, the chief marketing officer now directly owns 52,305 shares of the company’s stock, valued at approximately $88,918.50. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.00% of the stock is owned by company insiders.

SmartRent Company Profile

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.