Rhumbline Advisers Sells 74,996 Shares of SmartRent, Inc. $SMRT

Rhumbline Advisers trimmed its stake in shares of SmartRent, Inc. (NYSE:SMRT) by 23.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 239,511 shares of the company’s stock after selling 74,996 shares during the quarter. Rhumbline Advisers’ holdings in SmartRent were worth $290,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its position in SmartRent by 101.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 34,597 shares of the company’s stock valued at $42,000 after purchasing an additional 17,444 shares during the period. BNP Paribas Financial Markets acquired a new stake in shares of SmartRent during the fourth quarter worth $46,000. CWM LLC increased its position in shares of SmartRent by 944.4% during the first quarter. CWM LLC now owns 37,746 shares of the company’s stock worth $46,000 after buying an additional 34,132 shares during the period. Cerity Partners LLC bought a new position in SmartRent during the first quarter worth $50,000. Finally, Jacobs Levy Equity Management Inc. acquired a new position in SmartRent in the first quarter valued at $69,000. 59.42% of the stock is currently owned by institutional investors.

SmartRent Trading Down 2.9%

Shares of NYSE SMRT opened at $1.49 on Friday. The firm has a market capitalization of $279.28 million, a P/E ratio of -3.91 and a beta of 1.86. The firm’s 50-day moving average price is $1.34 and its 200-day moving average price is $1.09. SmartRent, Inc. has a 1-year low of $0.67 and a 1-year high of $1.99.

SmartRent (NYSE:SMRT) last issued its earnings results on Wednesday, August 6th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). SmartRent had a negative net margin of 46.54% and a negative return on equity of 14.94%. The firm had revenue of $38.31 million during the quarter, compared to the consensus estimate of $38.85 million. Equities research analysts forecast that SmartRent, Inc. will post -0.14 EPS for the current year.

Analyst Upgrades and Downgrades

SMRT has been the subject of a number of recent analyst reports. Wall Street Zen upgraded SmartRent from a “sell” rating to a “hold” rating in a report on Sunday, August 17th. Keefe, Bruyette & Woods upped their target price on SmartRent from $1.30 to $1.45 and gave the company a “market perform” rating in a research report on Tuesday, August 12th. Finally, Zacks Research raised SmartRent to a “hold” rating in a research note on Friday, August 8th. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat, SmartRent presently has a consensus rating of “Hold” and an average price target of $1.45.

Insider Activity at SmartRent

In other news, CEO Frank Martell bought 50,000 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The shares were bought at an average cost of $1.53 per share, for a total transaction of $76,500.00. Following the acquisition, the chief executive officer directly owned 898,204 shares in the company, valued at approximately $1,374,252.12. This trade represents a 5.89% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas N. Bohjalian purchased 100,000 shares of SmartRent stock in a transaction that occurred on Tuesday, August 19th. The stock was acquired at an average cost of $1.50 per share, with a total value of $150,000.00. Following the transaction, the director owned 300,000 shares in the company, valued at $450,000. This trade represents a 50.00% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 725,000 shares of company stock valued at $989,350. Corporate insiders own 1.90% 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.