SmartRent (NYSE:SMRT) Director Buys $83,250.00 in Stock

SmartRent, Inc. (NYSE:SMRT) Director Thomas Bohjalian purchased 75,000 shares of SmartRent stock in a transaction on Wednesday, June 10th. The stock was bought at an average cost of $1.11 per share, for a total transaction of $83,250.00. Following the transaction, the director directly owned 721,062 shares in the company, valued at $800,378.82. This represents a 11.61% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

SmartRent Stock Performance

SMRT stock traded down $0.04 during mid-day trading on Wednesday, reaching $1.10. The company had a trading volume of 1,114,621 shares, compared to its average volume of 1,139,688. SmartRent, Inc. has a fifty-two week low of $0.85 and a fifty-two week high of $2.20. The company has a market capitalization of $211.16 million, a price-to-earnings ratio of -8.42 and a beta of 1.53. The firm has a fifty day simple moving average of $1.32 and a 200 day simple moving average of $1.61.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SMRT. AQR Capital Management LLC grew its stake in SmartRent by 245.9% during the 1st 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 last quarter. Jacobs Levy Equity Management Inc. purchased a new position in SmartRent during the 1st quarter worth approximately $69,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position 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 worth $767,000 after acquiring an additional 285,478 shares during the period. JPMorgan Chase & Co. lifted its position in SmartRent by 55.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 173,485 shares of the company’s stock worth $172,000 after acquiring an additional 62,028 shares during the period. Finally, Norges Bank acquired a new stake in SmartRent during the 2nd quarter worth approximately $248,000. Hedge funds and other institutional investors own 59.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SMRT shares. Keefe, Bruyette & Woods dropped their price target 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. Weiss Ratings downgraded SmartRent from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, May 26th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, SmartRent has a consensus 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.