Frank Martell Buys 40,260 Shares of SmartRent (NYSE:SMRT) Stock

SmartRent, Inc. (NYSE:SMRT) CEO Frank Martell acquired 40,260 shares of SmartRent stock in a transaction on Friday, June 5th. The shares were bought at an average price of $1.13 per share, with a total value of $45,493.80. Following the purchase, the chief executive officer directly owned 3,225,526 shares in the company, valued at approximately $3,644,844.38. The trade was a 1.26% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink.

Frank Martell also recently made the following trade(s):

• On Thursday, June 4th, Frank Martell acquired 20,000 shares of SmartRent stock. The shares were bought at an average price of $1.19 per share, with a total value of $23,800.00.
• On Tuesday, May 12th, Frank Martell acquired 100,000 shares of SmartRent stock. The shares were bought at an average price of $1.18 per share, with a total value of $118,000.00.
• On Friday, May 8th, Frank Martell acquired 50,000 shares of SmartRent stock. The shares were bought at an average price of $1.12 per share, with a total value of $56,000.00.

SmartRent Stock Performance

NYSE SMRT opened at $1.10 on Friday. The stock has a 50-day simple moving average of $1.33 and a two-hundred day simple moving average of $1.62. The firm has a market capitalization of $211.16 million, a P/E ratio of -8.42 and a beta of 1.53. SmartRent, Inc. has a fifty-two week low of $0.85 and a fifty-two week high of $2.20.

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

Institutional Investors Weigh In On SmartRent

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CTC Alternative Strategies Ltd. purchased a new stake in SmartRent in the 1st quarter worth $26,000. Kanen Wealth Management LLC purchased a new stake in SmartRent in the 3rd quarter worth $26,000. Neuberger Berman Group LLC purchased a new stake in SmartRent in the 4th quarter worth $30,000. SummitTX Capital L.P. purchased a new stake in SmartRent in the 1st quarter worth $34,000. Finally, Dean Jacobson Financial Services LLC purchased a new stake in SmartRent during the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 59.42% of the company’s stock.

Analysts Set New Price Targets

SMRT has been the topic of a number of analyst reports. Keefe, Bruyette & Woods dropped their target price on SmartRent from $2.00 to $1.40 and set a “market perform” rating on the stock in a research report on Monday, May 18th. Weiss Ratings cut SmartRent from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, May 26th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus 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.