SmartRent, Inc. (NYSE:SMRT) Short Interest Update

SmartRent, Inc. (NYSE:SMRT) was the recipient of a large increase in short interest in the month of June. As of June 30th, there was short interest totaling 6,384,341 shares, an increase of 130.9% from the June 15th total of 2,765,204 shares. Approximately 3.4% of the shares of the company are sold short. Based on an average trading volume of 3,707,709 shares, the days-to-cover ratio is currently 1.7 days.

Insider Activity

In related news, Director Thomas N. Bohjalian acquired 75,000 shares of the business’s stock in a transaction on 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 completion of the transaction, the director directly owned 721,062 shares of the company’s stock, valued at approximately $800,378.82. The trade was a 11.61% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Frank Martell acquired 100,000 shares of SmartRent stock in a transaction dated Tuesday, May 12th. The shares were purchased at an average price of $1.18 per share, with a total value of $118,000.00. Following the acquisition, the chief executive officer owned 3,165,266 shares of the company’s stock, valued at approximately $3,735,013.88. This trade represents a 3.26% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders acquired 295,260 shares of company stock worth $339,044. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On SmartRent

Institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC grew 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 worth $1,178,000 after buying an additional 692,268 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in SmartRent during the 1st quarter worth $69,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in SmartRent by 81.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 634,066 shares of the company’s stock valued at $767,000 after acquiring an additional 285,478 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in SmartRent by 55.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 173,485 shares of the company’s stock valued at $172,000 after acquiring an additional 62,028 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of SmartRent during the 2nd quarter valued at $248,000. 59.42% of the stock is currently owned by institutional investors.

SmartRent Price Performance

SmartRent stock traded up $0.00 during midday trading on Tuesday, hitting $0.99. The company’s stock had a trading volume of 1,311,709 shares, compared to its average volume of 2,750,399. SmartRent has a 1-year low of $0.90 and a 1-year high of $2.20. The company has a 50-day moving average price of $1.15 and a two-hundred day moving average price of $1.48.

SmartRent (NYSE:SMRT) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting 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 firm had revenue of $36.63 million during the quarter, compared to the consensus estimate of $36.82 million. Analysts forecast that SmartRent will post -0.1 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SMRT. Keefe, Bruyette & Woods dropped their price target on SmartRent from $1.40 to $1.20 and set a “market perform” rating for the company in a report on Monday. Weiss Ratings lowered SmartRent from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, July 1st. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $1.20.

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.