Punch & Associates Investment Management Inc. Boosts Stock Position in SmartRent, Inc. $SMRT

Punch & Associates Investment Management Inc. lifted its stake in shares of SmartRent, Inc. (NYSE:SMRT) by 163.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,032,880 shares of the company’s stock after acquiring an additional 3,125,595 shares during the quarter. Punch & Associates Investment Management Inc. owned approximately 2.61% of SmartRent worth $7,549,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SMRT. Stoic Point Capital Management LLC purchased a new position in SmartRent during the fourth quarter valued at approximately $5,022,000. UBS Group AG boosted its position in shares of SmartRent by 28.8% in the third quarter. UBS Group AG now owns 10,448,199 shares of the company’s stock worth $14,732,000 after purchasing an additional 2,335,454 shares during the period. Kennedy Capital Management LLC purchased a new stake in shares of SmartRent in the fourth quarter worth $4,463,000. Marshall Wace LLP increased its stake in shares of SmartRent by 230.4% in the second quarter. Marshall Wace LLP now owns 2,657,531 shares of the company’s stock worth $2,631,000 after purchasing an additional 1,853,247 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its position in shares of SmartRent by 242.7% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,160,066 shares of the company’s stock valued at $3,046,000 after purchasing an additional 1,529,677 shares during the period. 59.42% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

SmartRent Price Performance

SMRT stock opened at $0.95 on Friday. SmartRent, Inc. has a 1-year low of $0.90 and a 1-year high of $2.20. The company has a market capitalization of $183.20 million, a price-to-earnings ratio of -7.31 and a beta of 1.51. The business has a 50 day simple moving average of $1.12 and a two-hundred day simple moving average of $1.42.

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

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SMRT. Keefe, Bruyette & Woods lowered their target price on shares of SmartRent from $1.40 to $1.20 and set a “market perform” rating on the stock in a research note on Monday, July 13th. Weiss Ratings upgraded SmartRent from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $1.20.

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.