Royce & Associates LP Acquires 502,994 Shares of SmartRent, Inc. $SMRT

Royce & Associates LP lifted its stake in SmartRent, Inc. (NYSE:SMRT) by 58.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,369,571 shares of the company’s stock after purchasing an additional 502,994 shares during the period. Royce & Associates LP’s holdings in SmartRent were worth $1,931,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of SMRT. Steinberganna Wealth Management bought a new stake in SmartRent during the third quarter valued at about $25,000. Engineers Gate Manager LP lifted its position in shares of SmartRent by 43.6% during the 2nd quarter. Engineers Gate Manager LP now owns 79,923 shares of the company’s stock valued at $79,000 after buying an additional 24,250 shares in the last quarter. Brighton Jones LLC lifted its position in shares of SmartRent by 35.2% during the 3rd quarter. Brighton Jones LLC now owns 103,405 shares of the company’s stock valued at $146,000 after buying an additional 26,914 shares in the last quarter. R Squared Ltd grew its stake in shares of SmartRent by 215.8% during the 3rd quarter. R Squared Ltd now owns 51,587 shares of the company’s stock valued at $73,000 after acquiring an additional 35,251 shares during the period. Finally, Catalyst Funds Management Pty Ltd increased its holdings in SmartRent by 232.5% in the 2nd quarter. Catalyst Funds Management Pty Ltd now owns 51,300 shares of the company’s stock worth $51,000 after acquiring an additional 35,872 shares in the last quarter. 59.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on SMRT. Wall Street Zen upgraded shares of SmartRent from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Zacks Research upgraded shares of SmartRent from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SmartRent in a report on Monday, December 29th. Three 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, SmartRent has a consensus rating of “Reduce” and an average target price of $1.45.

SmartRent Price Performance

Shares of SMRT opened at $1.75 on Friday. The firm has a market cap of $331.10 million, a P/E ratio of -5.47 and a beta of 1.79. SmartRent, Inc. has a 1 year low of $0.67 and a 1 year high of $2.20. The company has a 50 day simple moving average of $1.75 and a two-hundred day simple moving average of $1.64.

SmartRent (NYSE:SMRT) last issued its earnings results on Wednesday, March 4th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The company had revenue of $33.78 million for the quarter, compared to the consensus estimate of $36.31 million. SmartRent had a negative return on equity of 12.81% and a negative net margin of 39.76%. On average, sell-side analysts anticipate that SmartRent, Inc. will post -0.14 earnings per share for the current year.

Insider Activity at SmartRent

In other news, CEO Frank Martell acquired 30,534 shares of the business’s stock in a transaction dated Monday, December 15th. The stock was purchased at an average price of $2.06 per share, for a total transaction of $62,900.04. Following the completion of the transaction, the chief executive officer directly owned 2,094,330 shares in the company, valued at approximately $4,314,319.80. This trade represents a 1.48% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have bought 75,000 shares of company stock worth $154,945. 1.90% of the stock is owned by corporate insiders.

About SmartRent

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.