Thomas Bohjalian Acquires 75,000 Shares of SmartRent (NYSE:SMRT) Stock

SmartRent, Inc. (NYSE:SMRT) Director Thomas Bohjalian purchased 75,000 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The stock was purchased at an average cost of $1.11 per share, for a total transaction of $83,250.00. Following the acquisition, the director owned 721,062 shares of the company’s stock, valued at approximately $800,378.82. This trade represents a 11.61% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

SmartRent Stock Performance

SmartRent stock opened at $1.16 on Friday. The stock has a market cap of $222.73 million, a P/E ratio of -8.88 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. The firm’s fifty day moving average price is $1.30 and its 200-day moving average price is $1.61.

SmartRent (NYSE:SMRT) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.02) earnings per share for the quarter, hitting the consensus estimate of ($0.02). SmartRent had a negative net margin of 16.58% and a negative return on equity of 10.61%. The firm had revenue of $36.63 million for the quarter, compared to analysts’ expectations of $36.82 million. Sell-side analysts predict that SmartRent, Inc. will post -0.1 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its position in SmartRent by 245.9% during the first quarter. AQR Capital Management LLC now owns 973,783 shares of the company’s stock valued at $1,178,000 after buying an additional 692,268 shares during the period. Jacobs Levy Equity Management Inc. purchased a new stake in SmartRent during the first quarter valued at about $69,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in SmartRent by 81.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 634,066 shares of the company’s stock valued at $767,000 after buying an additional 285,478 shares during the period. JPMorgan Chase & Co. boosted its position in SmartRent by 55.7% during the second quarter. JPMorgan Chase & Co. now owns 173,485 shares of the company’s stock valued at $172,000 after buying an additional 62,028 shares during the period. Finally, Norges Bank purchased a new stake in SmartRent during the second quarter valued at about $248,000. 59.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SMRT. Keefe, Bruyette & Woods cut 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 report on Monday, May 18th. Weiss Ratings lowered shares of SmartRent from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, May 26th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $1.40.

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.