SmartRent (NYSE:SMRT) Director Buys $56,000.00 in Stock

SmartRent, Inc. (NYSE:SMRT) Director Thomas Bohjalian acquired 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were acquired at an average price of $1.40 per share, for a total transaction of $56,000.00. Following the purchase, the director owned 766,062 shares of the company’s stock, valued at $1,072,486.80. This trade represents a 5.51% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

SmartRent Stock Up 5.2%

Shares of NYSE SMRT opened at $1.42 on Friday. The firm’s 50-day moving average price is $1.15 and its two-hundred day moving average price is $1.35. SmartRent, Inc. has a 52-week low of $0.91 and a 52-week high of $2.20. The stock has a market capitalization of $272.09 million, a P/E ratio of -14.20 and a beta of 1.52.

SmartRent (NYSE:SMRT) last posted its earnings results on Wednesday, August 5th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The company had revenue of $38.39 million for the quarter, compared to the consensus estimate of $39.62 million. SmartRent had a negative net margin of 12.97% and a negative return on equity of 8.50%. As a group, equities research analysts expect that SmartRent, Inc. will post -0.1 earnings per share for the current year.

Institutional Investors Weigh In On SmartRent

A number of hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC boosted its position in shares of SmartRent by 245.9% during the first quarter. AQR Capital Management LLC now owns 973,783 shares of the company’s stock worth $1,178,000 after buying an additional 692,268 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in SmartRent in the 1st quarter valued at approximately $69,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in SmartRent by 81.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 634,066 shares of the company’s stock valued at $767,000 after acquiring an additional 285,478 shares in the last quarter. JPMorgan Chase & Co. raised its stake in SmartRent by 55.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 173,485 shares of the company’s stock valued at $172,000 after acquiring an additional 62,028 shares in the last quarter. Finally, Norges Bank acquired a new position in SmartRent during the 2nd quarter worth $248,000. Institutional investors own 59.42% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on SMRT. Weiss Ratings lowered SmartRent from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 6th. Keefe, Bruyette & Woods reduced their price target on shares of SmartRent from $1.40 to $1.20 and set a “market perform” rating for the company in a report on Monday, July 13th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, SmartRent presently has an average rating of “Reduce” and an average target price 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.