Northern Right Capital Management L.P. Takes $3.74 Million Position in SmartRent, Inc. $SMRT

Northern Right Capital Management L.P. purchased a new position in shares of SmartRent, Inc. (NYSE:SMRT) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,651,516 shares of the company’s stock, valued at approximately $3,739,000. SmartRent accounts for about 1.2% of Northern Right Capital Management L.P.’s investment portfolio, making the stock its 21st biggest position.

Other hedge funds have also made changes to their positions in the company. Citigroup Inc. grew its stake in SmartRent by 33.3% during the 3rd quarter. Citigroup Inc. now owns 15,671,673 shares of the company’s stock worth $22,097,000 after buying an additional 3,915,817 shares during the last quarter. GatePass Capital LLC lifted its stake in SmartRent by 280.5% in the third quarter. GatePass Capital LLC now owns 529,022 shares of the company’s stock valued at $746,000 after buying an additional 390,000 shares during the last quarter. Dimension Capital Management LLC bought a new stake in SmartRent in the second quarter valued at $1,148,000. Catalyst Funds Management Pty Ltd boosted its holdings in shares of SmartRent by 232.5% during the second quarter. Catalyst Funds Management Pty Ltd now owns 51,300 shares of the company’s stock valued at $51,000 after acquiring an additional 35,872 shares during the period. Finally, Mak Capital One LLC acquired a new position in shares of SmartRent during the third quarter valued at $4,038,000. Institutional investors own 59.42% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SmartRent in a report on Monday, December 29th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, SmartRent presently has a consensus rating of “Reduce” and an average price target of $1.45.

SmartRent Trading Up 2.7%

Shares of NYSE:SMRT opened at $1.72 on Tuesday. The business’s 50 day moving average is $1.71 and its 200-day moving average is $1.65. The firm has a market capitalization of $329.66 million, a PE ratio of -5.36 and a beta of 1.79. SmartRent, Inc. has a 1-year low of $0.67 and a 1-year high of $2.20.

SmartRent (NYSE:SMRT) last issued its earnings results on Wednesday, March 4th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The firm had revenue of $33.78 million during the quarter, compared to the consensus estimate of $36.31 million. SmartRent had a negative return on equity of 12.81% and a negative net margin of 39.76%. On average, sell-side analysts predict that SmartRent, Inc. will post -0.14 EPS for the current year.

Insider Activity at SmartRent

In other SmartRent news, Director Thomas N. Bohjalian bought 150,000 shares of the firm’s stock in a transaction dated Thursday, March 12th. The shares were acquired at an average cost of $1.74 per share, for a total transaction of $261,000.00. Following the transaction, the director owned 500,000 shares in the company, valued at approximately $870,000. The trade was a 42.86% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 9.00% of the company’s stock.

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.