Bank of New York Mellon Corp Has $1.69 Million Holdings in SmartRent, Inc. (NYSE:SMRT)

Bank of New York Mellon Corp raised its holdings in shares of SmartRent, Inc. (NYSE:SMRT) by 14.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 707,056 shares of the company’s stock after acquiring an additional 87,728 shares during the quarter. Bank of New York Mellon Corp’s holdings in SmartRent were worth $1,690,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Victory Capital Management Inc. grew its stake in SmartRent by 30.7% during the 4th quarter. Victory Capital Management Inc. now owns 22,428 shares of the company’s stock valued at $72,000 after acquiring an additional 5,264 shares in the last quarter. Virtu Financial LLC acquired a new position in SmartRent in the first quarter worth approximately $84,000. Price T Rowe Associates Inc. MD increased its holdings 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 buying an additional 8,169 shares during the last quarter. Legacy Capital Group California Inc. increased its holdings 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 buying an additional 36,123 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in SmartRent by 12.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 396,786 shares of the company’s stock valued at $1,063,000 after purchasing an additional 44,611 shares during the last quarter. Hedge funds and other institutional investors own 59.42% of the company’s stock.

SmartRent Stock Performance

Shares of NYSE SMRT opened at $1.74 on Thursday. The stock has a market cap of $351.18 million, a PE ratio of -11.60 and a beta of 1.97. The business has a fifty day moving average of $1.86 and a two-hundred day moving average of $2.28. SmartRent, Inc. has a 52-week low of $1.35 and a 52-week high of $3.47.

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). SmartRent had a negative net margin of 10.73% and a negative return on equity of 5.68%. The business had revenue of $48.52 million during the quarter, compared to analyst estimates of $51.33 million. During the same quarter last year, the business posted ($0.05) earnings per share. The business’s quarterly revenue was down 9.1% compared to the same quarter last year. Analysts predict that SmartRent, Inc. will post -0.09 earnings per share for the current year.

Analyst Ratings Changes

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

Insider Activity

In other SmartRent news, CMO Robyn Young bought 14,793 shares of the stock in a transaction dated Friday, August 30th. The stock was bought at an average cost of $1.70 per share, for a total transaction of $25,148.10. Following the completion of the purchase, the chief marketing officer now owns 52,305 shares in the company, valued at approximately $88,918.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CMO Robyn Young acquired 14,793 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was purchased at an average cost 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 in the company, valued at $88,918.50. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Frank Martell acquired 75,000 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average price of $1.63 per share, with a total value of $122,250.00. Following the completion of the transaction, the director now owns 150,000 shares of the company’s stock, valued at $244,500. The disclosure for this purchase can be found here. 9.00% of the stock is currently owned by corporate 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.