Sangeeth Ponathil Acquires 10,000 Shares of SmartRent (NYSE:SMRT) Stock

SmartRent, Inc. (NYSE:SMRT) insider Sangeeth Ponathil acquired 10,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were acquired at an average cost of $1.25 per share, with a total value of $12,500.00. Following the completion of the purchase, the insider owned 10,000 shares in the company, valued at approximately $12,500. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

SmartRent Stock Up 3.5%

Shares of SMRT traded up $0.05 during mid-day trading on Wednesday, reaching $1.32. 1,043,725 shares of the company’s stock were exchanged, compared to its average volume of 1,105,484. The company has a 50-day simple moving average of $1.39 and a two-hundred day simple moving average of $1.63. SmartRent, Inc. has a 52-week low of $0.78 and a 52-week high of $2.20. The company has a market cap of $253.58 million, a price-to-earnings ratio of -10.12 and a beta of 1.57.

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

Analyst Upgrades and Downgrades

SMRT has been the subject of a number of recent research reports. Weiss Ratings raised shares of SmartRent from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, May 7th. Keefe, Bruyette & Woods lowered their target price on shares of SmartRent from $2.00 to $1.40 and set a “market perform” rating for the company in a research note on Monday, May 18th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, SmartRent presently has an average rating of “Reduce” and a consensus price target of $1.40.

Institutional Trading of SmartRent

Several hedge funds and other institutional investors have recently bought and sold shares of the company. LPL Financial LLC grew its stake in SmartRent by 60.9% in the 4th quarter. LPL Financial LLC now owns 37,000 shares of the company’s stock worth $75,000 after acquiring an additional 14,000 shares during the period. Neuberger Berman Group LLC purchased a new stake in SmartRent in the 4th quarter worth approximately $30,000. Invesco Ltd. grew its stake in SmartRent by 4.8% in the 4th quarter. Invesco Ltd. now owns 331,584 shares of the company’s stock worth $670,000 after acquiring an additional 15,124 shares during the period. Squarepoint Ops LLC grew its stake in SmartRent by 111.3% in the 4th quarter. Squarepoint Ops LLC now owns 31,774 shares of the company’s stock worth $64,000 after acquiring an additional 16,734 shares during the period. Finally, CTC Alternative Strategies Ltd. purchased a new stake in SmartRent in the 1st quarter worth approximately $26,000. 59.42% of the stock is owned by hedge funds and other institutional investors.

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.