Insider Buying: SmartRent (NYSE:SMRT) CEO Purchases $45,493.80 in Stock

SmartRent, Inc. (NYSE:SMRT) CEO Frank Martell acquired 40,260 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was bought at an average price of $1.13 per share, for a total transaction of $45,493.80. Following the acquisition, the chief executive officer owned 3,225,526 shares of the company’s stock, valued at approximately $3,644,844.38. This trade represents a 1.26% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link.

Frank Martell also recently made the following trade(s):

• On Thursday, June 4th, Frank Martell bought 20,000 shares of SmartRent stock. The stock was acquired at an average cost of $1.19 per share, for a total transaction of $23,800.00.
• On Tuesday, May 12th, Frank Martell bought 100,000 shares of SmartRent stock. The stock was acquired at an average cost of $1.18 per share, for a total transaction of $118,000.00.
• On Friday, May 8th, Frank Martell bought 50,000 shares of SmartRent stock. The stock was acquired at an average cost of $1.12 per share, for a total transaction of $56,000.00.

SmartRent Price Performance

NYSE SMRT opened at $1.10 on Monday. The stock has a market capitalization of $211.16 million, a PE ratio of -8.42 and a beta of 1.53. SmartRent, Inc. has a 1 year low of $0.85 and a 1 year high of $2.20. The business’s 50-day moving average is $1.33 and its 200 day moving average is $1.62.

SmartRent (NYSE:SMRT) last posted its earnings results on Wednesday, May 6th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting the consensus estimate 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%. As a group, equities research analysts anticipate that SmartRent, Inc. will post -0.1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Weiss Ratings cut SmartRent from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, May 26th. Keefe, Bruyette & Woods cut their target price 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 assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $1.40.

Institutional Trading of SmartRent

Large investors have recently bought and sold shares of the company. Citigroup Inc. boosted its position in SmartRent by 33.3% during the 3rd 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 in the last quarter. Northern Right Capital Management L.P. bought a new stake in SmartRent during the 3rd quarter valued at approximately $3,739,000. Mak Capital One LLC bought a new stake in SmartRent during the 3rd quarter valued at approximately $4,038,000. Royce & Associates LP boosted its position in SmartRent by 58.0% during the 3rd quarter. Royce & Associates LP now owns 1,369,571 shares of the company’s stock valued at $1,931,000 after acquiring an additional 502,994 shares in the last quarter. Finally, Centiva Capital LP bought a new stake in SmartRent during the 3rd quarter valued at approximately $285,000. 59.42% of the stock is owned by institutional investors.

About SmartRent

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.