Thomas Bohjalian Purchases 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 acquired at an average cost of $1.11 per share, for a total transaction of $83,250.00. Following the purchase, the director owned 721,062 shares in the company, valued at approximately $800,378.82. The trade was a 11.61% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link.

SmartRent Stock Performance

Shares of SmartRent stock traded down $0.04 during trading hours on Wednesday, hitting $1.10. The company’s stock had a trading volume of 1,114,621 shares, compared to its average volume of 1,139,688. SmartRent, Inc. has a twelve month low of $0.85 and a twelve month high of $2.20. The firm has a fifty day moving average of $1.32 and a 200-day moving average of $1.61. The stock has a market cap of $211.16 million, a price-to-earnings ratio of -8.42 and a beta of 1.53.

SmartRent (NYSE:SMRT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.02) EPS for the quarter, meeting the consensus estimate of ($0.02). SmartRent had a negative return on equity of 10.61% and a negative net margin of 16.58%.The business had revenue of $36.63 million for the quarter, compared to analyst estimates of $36.82 million. On average, sell-side analysts expect that SmartRent, Inc. will post -0.1 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Weiss Ratings cut shares of SmartRent from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, May 26th. Keefe, Bruyette & Woods cut their price objective 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. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $1.40.

Institutional Investors Weigh In On SmartRent

A number of hedge funds have recently bought and sold shares of SMRT. Bank of America Corp DE raised its position in SmartRent by 1,900.9% in the 1st quarter. Bank of America Corp DE now owns 5,387,342 shares of the company’s stock valued at $8,081,000 after purchasing an additional 5,118,096 shares in the last quarter. Citigroup Inc. raised its position in SmartRent by 33.3% in the 3rd quarter. Citigroup Inc. now owns 15,671,673 shares of the company’s stock valued at $22,097,000 after purchasing an additional 3,915,817 shares in the last quarter. Punch & Associates Investment Management Inc. raised its position in SmartRent by 163.9% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 5,032,880 shares of the company’s stock valued at $7,549,000 after purchasing an additional 3,125,595 shares in the last quarter. Mak Capital One LLC acquired a new stake in SmartRent in the 3rd quarter valued at about $4,038,000. Finally, Northern Right Capital Management L.P. acquired a new stake in SmartRent in the 3rd quarter valued at about $3,739,000. Institutional investors and hedge funds own 59.42% of the company’s stock.

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.