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

Northern Right Capital Management L.P. acquired a new stake in SmartRent, Inc. (NYSE:SMRT) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,651,516 shares of the company’s stock, valued at approximately $3,739,000. SmartRent comprises 1.2% of Northern Right Capital Management L.P.’s portfolio, making the stock its 21st biggest position. Northern Right Capital Management L.P. owned about 1.40% of SmartRent at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in SMRT. Citigroup Inc. increased its stake in SmartRent by 33.3% in the third quarter. Citigroup Inc. now owns 15,671,673 shares of the company’s stock valued at $22,097,000 after purchasing an additional 3,915,817 shares during the last quarter. Mak Capital One LLC purchased a new stake in shares of SmartRent during the 3rd quarter worth approximately $4,038,000. UBS Group AG lifted its position in shares of SmartRent by 28.8% during the 3rd quarter. UBS Group AG now owns 10,448,199 shares of the company’s stock worth $14,732,000 after buying an additional 2,335,454 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of SmartRent by 230.4% in the 2nd quarter. Marshall Wace LLP now owns 2,657,531 shares of the company’s stock valued at $2,631,000 after buying an additional 1,853,247 shares in the last quarter. Finally, Jane Street Group LLC grew its position in shares of SmartRent by 430.2% in the 2nd quarter. Jane Street Group LLC now owns 1,596,146 shares of the company’s stock valued at $1,580,000 after buying an additional 1,295,098 shares during the last quarter. Hedge funds and other institutional investors own 59.42% of the company’s stock.

SmartRent Trading Up 2.7%

Shares of NYSE SMRT opened at $1.72 on Tuesday. The company has a market capitalization of $329.66 million, a price-to-earnings ratio of -5.36 and a beta of 1.79. SmartRent, Inc. has a twelve month low of $0.67 and a twelve month high of $2.20. The business has a 50 day simple moving average of $1.71 and a 200-day simple moving average of $1.65.

SmartRent (NYSE:SMRT) last released its quarterly earnings data on Wednesday, March 4th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). SmartRent had a negative return on equity of 12.81% and a negative net margin of 39.76%.The business had revenue of $33.78 million during the quarter, compared to analyst estimates of $36.31 million. As a group, equities analysts predict that SmartRent, Inc. will post -0.14 earnings per share for the current year.

Insider Activity at SmartRent

In other SmartRent news, Director Thomas N. Bohjalian purchased 150,000 shares of the firm’s stock in a transaction dated Thursday, March 12th. The stock was acquired at an average cost of $1.74 per share, with a total value of $261,000.00. Following the acquisition, the director owned 500,000 shares of the company’s stock, valued at approximately $870,000. This represents a 42.86% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 9.00% of the company’s stock.

Wall Street Analyst Weigh In

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

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.