Clearline Capital LP Makes New Investment in SmartRent, Inc. (NYSE:SMRT)

Clearline Capital LP bought a new stake in SmartRent, Inc. (NYSE:SMRT) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 252,411 shares of the company’s stock, valued at approximately $603,000.

A number of other institutional investors and hedge funds have also modified their holdings of SMRT. Virtu Financial LLC acquired a new stake in SmartRent in the 1st quarter worth about $84,000. Price T Rowe Associates Inc. MD boosted its stake in shares of 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 during the last quarter. Legacy Capital Group California Inc. increased its position in shares of SmartRent by 104.3% during the second quarter. Legacy Capital Group California Inc. now owns 70,750 shares of the company’s stock worth $169,000 after purchasing an additional 36,123 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in SmartRent by 12.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 76,918 shares of the company’s stock valued at $184,000 after purchasing an additional 8,532 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in SmartRent by 84.6% in the 2nd quarter. AQR Capital Management LLC now owns 172,453 shares of the company’s stock valued at $412,000 after purchasing an additional 79,048 shares in the last quarter. Hedge funds and other institutional investors own 59.42% of the company’s stock.

Wall Street Analysts Forecast Growth

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

SmartRent Trading Up 3.5 %

SmartRent stock opened at $1.77 on Friday. SmartRent, Inc. has a 12-month low of $1.35 and a 12-month high of $3.47. The stock has a market cap of $358.23 million, a P/E ratio of -11.80 and a beta of 1.97. The company has a 50-day moving average price of $1.77 and a 200 day moving average price of $2.23.

SmartRent (NYSE:SMRT) last posted its quarterly earnings data 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 return on equity of 5.68% and a negative net margin of 10.73%. The company had revenue of $48.52 million for the quarter, compared to analysts’ expectations of $51.33 million. During the same period in the previous year, the business posted ($0.05) EPS. The business’s revenue for the quarter was down 9.1% on a year-over-year basis. As a group, analysts forecast that SmartRent, Inc. will post -0.09 EPS for the current year.

Insider Buying and Selling

In related news, CMO Robyn Young acquired 14,793 shares of SmartRent stock in a transaction dated Friday, August 30th. The shares were acquired 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 $88,918.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CMO Robyn Young bought 14,793 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The shares were purchased 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 of the company’s stock, valued at $88,918.50. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Frank Martell purchased 75,000 shares of the stock in a transaction on Friday, September 6th. The shares were purchased at an average price of $1.63 per share, with a total value of $122,250.00. Following the acquisition, the director now directly owns 150,000 shares in the company, valued at $244,500. The disclosure for this purchase can be found here. 9.00% of the stock is owned by insiders.

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.