Insider Buying: SmartRent, Inc. (NYSE:SMRT) Director Purchases 125,000 Shares of Stock

SmartRent, Inc. (NYSE:SMRT) Director John C. Dorman acquired 125,000 shares of the business’s stock in a transaction on Monday, March 10th. The stock was acquired at an average cost of $1.20 per share, for a total transaction of $150,000.00. Following the transaction, the director now owns 229,965 shares of the company’s stock, valued at approximately $275,958. The trade was a 119.09 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

SmartRent Stock Down 2.2 %

SmartRent stock traded down $0.03 during trading on Tuesday, hitting $1.14. The stock had a trading volume of 2,205,676 shares, compared to its average volume of 1,398,497. SmartRent, Inc. has a 1 year low of $1.09 and a 1 year high of $2.98. The stock’s 50 day moving average is $1.50 and its two-hundred day moving average is $1.62. The stock has a market cap of $218.72 million, a price-to-earnings ratio of -8.73 and a beta of 1.92.

SmartRent (NYSE:SMRT) last announced its quarterly earnings data on Wednesday, March 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.04). The firm had revenue of $35.37 million during the quarter, compared to the consensus estimate of $37.78 million. SmartRent had a negative net margin of 12.77% and a negative return on equity of 6.08%. The company’s revenue was down 41.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.02) earnings per share. As a group, equities research analysts anticipate that SmartRent, Inc. will post -0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On SmartRent

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Citigroup Inc. grew its position in SmartRent by 27.2% during the third quarter. Citigroup Inc. now owns 10,009,518 shares of the company’s stock worth $17,316,000 after buying an additional 2,138,797 shares in the last quarter. Clearline Capital LP grew its position in SmartRent by 788.5% during the third quarter. Clearline Capital LP now owns 2,242,696 shares of the company’s stock valued at $3,880,000 after acquiring an additional 1,990,285 shares during the last quarter. Caprock Group LLC purchased a new position in SmartRent in the 3rd quarter worth $1,997,000. Royce & Associates LP lifted its stake in SmartRent by 64.2% in the fourth quarter. Royce & Associates LP now owns 1,283,325 shares of the company’s stock worth $2,246,000 after purchasing an additional 501,890 shares during the last quarter. Finally, Manatuck Hill Partners LLC purchased a new stake in SmartRent during the fourth quarter valued at about $875,000. 59.42% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods lowered their target price on SmartRent from $2.00 to $1.60 and set a “market perform” rating on the stock in a research note on Thursday, March 6th. Five research analysts have rated the stock with a hold rating, According to MarketBeat, SmartRent presently has a consensus rating of “Hold” and an average target price of $2.40.

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.