Royce & Associates LP Boosts Stake in SmartRent, Inc. $SMRT

Royce & Associates LP raised its position in shares of SmartRent, Inc. (NYSE:SMRT) by 77.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 2,434,571 shares of the company’s stock after buying an additional 1,065,000 shares during the quarter. Royce & Associates LP’s holdings in SmartRent were worth $4,918,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in SMRT. Kanen Wealth Management LLC purchased a new stake in SmartRent during the third quarter valued at about $26,000. Dean Jacobson Financial Services LLC purchased a new stake in SmartRent during the fourth quarter valued at about $35,000. Oppenheimer Asset Management Inc. purchased a new stake in SmartRent during the fourth quarter valued at about $39,000. Jump Financial LLC purchased a new stake in SmartRent during the second quarter valued at about $42,000. Finally, Franklin Resources Inc. purchased a new stake in SmartRent during the third quarter valued at about $43,000. Hedge funds and other institutional investors own 59.42% of the company’s stock.

SmartRent Price Performance

Shares of SMRT opened at $1.26 on Friday. The stock’s 50-day moving average is $1.37 and its two-hundred day moving average is $1.63. The stock has a market cap of $242.01 million, a PE ratio of -9.65 and a beta of 1.57. SmartRent, Inc. has a 12 month low of $0.78 and a 12 month high of $2.20.

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

Insider Transactions at SmartRent

In related news, CEO Frank Martell acquired 100,000 shares of SmartRent stock in a transaction on Tuesday, May 12th. The shares were bought at an average price of $1.18 per share, for a total transaction of $118,000.00. Following the completion of the purchase, the chief executive officer directly owned 3,165,266 shares in the company, valued at $3,735,013.88. This trade represents a 3.26% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Thomas N. Bohjalian acquired 150,000 shares of SmartRent stock in a transaction on Thursday, March 12th. The shares were bought at an average price of $1.74 per share, for a total transaction of $261,000.00. Following the purchase, the director owned 500,000 shares of the company’s stock, valued at $870,000. This represents a 42.86% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have acquired 310,000 shares of company stock worth $447,500. 2.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Keefe, Bruyette & Woods lowered their price target on SmartRent from $2.00 to $1.40 and set a “market perform” rating for the company in a research report on Monday, May 18th. Weiss Ratings downgraded SmartRent from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target 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.