Kennedy Capital Management LLC Purchases Shares of 2,209,606 SmartRent, Inc. $SMRT

Kennedy Capital Management LLC purchased a new stake in shares of SmartRent, Inc. (NYSE:SMRT) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,209,606 shares of the company’s stock, valued at approximately $4,463,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Citigroup Inc. grew its position in SmartRent by 33.3% during the third quarter. Citigroup Inc. now owns 15,671,673 shares of the company’s stock valued at $22,097,000 after acquiring an additional 3,915,817 shares during the period. UBS Group AG grew its position in SmartRent by 28.8% during the third quarter. UBS Group AG now owns 10,448,199 shares of the company’s stock valued at $14,732,000 after acquiring an additional 2,335,454 shares during the period. Marshall Wace LLP grew its position in SmartRent by 34.0% during the fourth quarter. Marshall Wace LLP now owns 3,964,108 shares of the company’s stock valued at $8,008,000 after acquiring an additional 1,006,267 shares during the period. Millennium Management LLC grew its position in SmartRent by 24.7% during the third quarter. Millennium Management LLC now owns 3,646,341 shares of the company’s stock valued at $5,141,000 after acquiring an additional 721,846 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in SmartRent by 18.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,884,418 shares of the company’s stock valued at $5,827,000 after acquiring an additional 447,529 shares during the period. Hedge funds and other institutional investors own 59.42% of the company’s stock.

SmartRent Price Performance

Shares of SMRT opened at $1.14 on Tuesday. The stock’s 50-day moving average is $1.29 and its two-hundred day moving average is $1.60. The stock has a market cap of $218.87 million, a PE ratio of -8.73 and a beta of 1.53. SmartRent, Inc. has a 12 month low of $0.87 and a 12 month high of $2.20.

SmartRent (NYSE:SMRT) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.02) EPS for the quarter, hitting analysts’ consensus estimates of ($0.02). The company had revenue of $36.63 million for the quarter, compared to analysts’ expectations of $36.82 million. SmartRent had a negative return on equity of 10.61% and a negative net margin of 16.58%. On average, research analysts anticipate that SmartRent, Inc. will post -0.1 earnings per share for the current year.

Insider Transactions at SmartRent

In related news, Director Thomas N. Bohjalian acquired 75,000 shares of SmartRent stock in a transaction on Wednesday, June 10th. The shares were bought at an average price of $1.11 per share, for a total transaction of $83,250.00. Following the completion of the purchase, the director directly owned 721,062 shares in the company, valued at $800,378.82. This trade represents a 11.61% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Frank Martell purchased 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average price of $1.18 per share, for a total transaction of $118,000.00. Following the purchase, the chief executive officer owned 3,165,266 shares of the company’s stock, valued at approximately $3,735,013.88. This represents a 3.26% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have acquired 295,260 shares of company stock worth $339,044. 2.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on SMRT. Weiss Ratings raised SmartRent from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday. Keefe, Bruyette & Woods reduced their price objective on SmartRent from $2.00 to $1.40 and set a “market perform” rating on the stock in a research note on Monday, May 18th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $1.40.

SmartRent Company Profile

SmartRent Inc is a technology company that develops smart home and smart building automation solutions for the residential rental housing industry. Its integrated hardware and software platform enables property managers and owners to remotely monitor, manage and control access, energy use and overall resident experience. The company’s product portfolio includes smart locks, thermostats, leak and flood sensors, door and window sensors, security cameras, and a centralized management dashboard that interfaces with leading property management systems.

SmartRent’s platform is designed to streamline operations for multifamily communities and single-family rental portfolios by automating routine tasks such as digital resident self-showings, remote lease turnovers, package management and preventative maintenance alerts.