SmartRent, Inc. (NYSE:SMRT) Shares Bought by Citigroup Inc.

Citigroup Inc. raised its stake in shares of SmartRent, Inc. (NYSE:SMRT) by 27.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,009,518 shares of the company’s stock after purchasing an additional 2,138,797 shares during the quarter. Citigroup Inc. owned about 5.20% of SmartRent worth $17,316,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of SmartRent during the third quarter valued at $30,000. Algert Global LLC purchased a new stake in SmartRent during the 2nd quarter valued at about $42,000. Virtu Financial LLC acquired a new position in shares of SmartRent in the first quarter valued at about $84,000. Intech Investment Management LLC purchased a new position in shares of SmartRent in the third quarter worth about $106,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of SmartRent by 18.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 53,177 shares of the company’s stock worth $143,000 after purchasing an additional 8,169 shares during the period. Hedge funds and other institutional investors own 59.42% of the company’s stock.

SmartRent Trading Up 5.7 %

Shares of SMRT stock opened at $1.96 on Thursday. SmartRent, Inc. has a 12-month low of $1.17 and a 12-month high of $3.47. The business’s 50 day moving average is $1.66 and its two-hundred day moving average is $1.96. The company has a market capitalization of $376.47 million, a P/E ratio of -15.04 and a beta of 1.96.

SmartRent (NYSE:SMRT) last announced its 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). The business had revenue of $40.50 million for the quarter, compared to analysts’ expectations of $45.94 million. SmartRent had a negative net margin of 12.77% and a negative return on equity of 6.08%. The company’s quarterly revenue was down 30.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.04) EPS. On average, research analysts predict that SmartRent, Inc. will post -0.14 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SMRT has been the subject of a number of recent research reports. BTIG Research lowered shares of SmartRent from a “buy” rating to a “neutral” rating in a research report on Friday, August 2nd. Keefe, Bruyette & Woods cut SmartRent from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $3.50 to $2.00 in a report on Thursday, August 8th. Cantor Fitzgerald lowered SmartRent from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $4.00 to $2.00 in a report on Thursday, August 8th. Colliers Securities downgraded SmartRent from a “buy” rating to a “neutral” rating in a report on Wednesday, July 31st. Finally, DA Davidson cut shares of SmartRent from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $3.25 to $2.00 in a research note on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating, Based on data from MarketBeat, SmartRent presently has an average rating of “Hold” and an average price target of $2.50.

Insider Activity

In other news, Director Frank Martell acquired 50,000 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were bought at an average price of $1.49 per share, for a total transaction of $74,500.00. Following the acquisition, the director now owns 200,000 shares of the company’s stock, valued at approximately $298,000. This trade represents a 33.33 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CMO Robyn Young bought 14,793 shares of the stock in a transaction on 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 purchase, the chief marketing officer now owns 52,305 shares in the company, valued at $88,918.50. The trade was a 39.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 187,997 shares of company stock worth $291,794 over the last 90 days. 9.00% of the stock is currently owned by company 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.