SmartRent, Inc. (NYSE:SMRT) is Old West Investment Management LLC’s 8th Largest Position

Old West Investment Management LLC increased its stake in shares of SmartRent, Inc. (NYSE:SMRT) by 4.9% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 4,676,165 shares of the company’s stock after acquiring an additional 220,536 shares during the period. SmartRent makes up about 4.9% of Old West Investment Management LLC’s investment portfolio, making the stock its 8th largest position. Old West Investment Management LLC’s holdings in SmartRent were worth $11,176,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in SMRT. Victory Capital Management Inc. grew its position in SmartRent by 30.7% in the 4th quarter. Victory Capital Management Inc. now owns 22,428 shares of the company’s stock valued at $72,000 after buying an additional 5,264 shares during the last quarter. ACK Asset Management LLC boosted its holdings in shares of SmartRent by 3.0% in the fourth quarter. ACK Asset Management LLC now owns 6,080,400 shares of the company’s stock valued at $19,396,000 after acquiring an additional 175,400 shares in the last quarter. Blue Door Asset Management LLC increased its stake in shares of SmartRent by 0.5% during the fourth quarter. Blue Door Asset Management LLC now owns 3,125,581 shares of the company’s stock worth $9,971,000 after acquiring an additional 16,150 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in SmartRent by 12.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 396,786 shares of the company’s stock worth $1,063,000 after purchasing an additional 44,611 shares in the last quarter. Finally, First Eagle Investment Management LLC lifted its position in SmartRent by 38.5% in the first quarter. First Eagle Investment Management LLC now owns 1,389,680 shares of the company’s stock valued at $3,724,000 after purchasing an additional 386,000 shares during the period. Institutional investors and hedge funds own 59.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on SMRT shares. Keefe, Bruyette & Woods downgraded SmartRent from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $3.50 to $2.00 in a research note on Thursday, August 8th. Colliers Securities downgraded SmartRent from a “buy” rating to a “neutral” rating in a report on Wednesday, July 31st. Cantor Fitzgerald cut shares of SmartRent from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $4.00 to $2.00 in a research note on Thursday, August 8th. BTIG Research cut shares of SmartRent from a “buy” rating to a “neutral” rating in a research note on Friday, August 2nd. Finally, DA Davidson lowered shares of SmartRent from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $3.25 to $2.00 in a research report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating, According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $2.64.

SmartRent Stock Performance

SmartRent stock opened at $1.80 on Tuesday. SmartRent, Inc. has a fifty-two week low of $1.35 and a fifty-two week high of $3.47. The firm has a market capitalization of $363.29 million, a price-to-earnings ratio of -12.00 and a beta of 1.97. The stock’s fifty day moving average is $1.88 and its two-hundred day moving average is $2.29.

SmartRent (NYSE:SMRT) last posted its earnings results on Wednesday, August 7th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The business had revenue of $48.52 million for the quarter, compared to analysts’ expectations of $51.33 million. SmartRent had a negative net margin of 10.73% and a negative return on equity of 5.68%. The business’s revenue was down 9.1% compared to the same quarter last year. During the same quarter last year, the business posted ($0.05) earnings per share. As a group, sell-side analysts forecast that SmartRent, Inc. will post -0.09 EPS for the current fiscal year.

Insider Transactions at SmartRent

In related news, CMO Robyn Young bought 14,793 shares of SmartRent stock in a transaction that occurred on Friday, August 30th. The shares were purchased at an average price of $1.70 per share, with a total value of $25,148.10. Following the purchase, the chief marketing officer now owns 52,305 shares in the company, valued at $88,918.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Frank Martell purchased 75,000 shares of the stock in a transaction dated Friday, September 6th. The stock was acquired at an average cost of $1.63 per share, for a total transaction of $122,250.00. Following the completion of the acquisition, the director now directly owns 150,000 shares in the company, valued at approximately $244,500. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CMO Robyn Young acquired 14,793 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was purchased at an average cost of $1.70 per share, with a total value of $25,148.10. Following the transaction, the chief marketing officer now owns 52,305 shares of the company’s stock, valued at $88,918.50. The disclosure for this purchase can be found here. Corporate insiders own 9.00% of the company’s stock.

SmartRent Profile

SmartRent, Inc, an enterprise software company, provides an integrated smart home operating system to residential property owners and operators, homebuilders, institutional home buyers, developers, and residents in the United States. The company’s products and solutions include smart apartments and homes, access control for buildings, common areas, and rental units, asset protection and monitoring, parking management, self-guided tours, and community and resident Wi-Fi.