Ancora Advisors LLC Buys Shares of 1,235,136 SmartRent, Inc. $SMRT

Key Points

• Ancora Advisors initiated a position of 1.24 million SmartRent shares worth approximately $1.47 million, while institutional investors and hedge funds collectively own 59.42% of the company.
• SmartRent insiders have also been buying: Director Ana Pinczuk purchased 107,000 shares and CEO Frank Martell bought 100,000 shares. Insiders acquired 402,260 shares worth $530,654 over the past 90 days.
• The company reported weaker-than-expected quarterly results, with an adjusted loss of $0.03 per share and revenue of $38.39 million. Analysts maintain a consensus “Reduce” rating with a $1.20 price target.

Ancora Advisors LLC bought a new position in shares of SmartRent, Inc. (NYSE:SMRT - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,235,136 shares of the company's stock, valued at approximately $1,470,000. Ancora Advisors LLC owned approximately 0.64% of SmartRent at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in SMRT. Punch & Associates Investment Management Inc. increased its holdings in shares of SmartRent by 163.9% during the first quarter. Punch & Associates Investment Management Inc. now owns 5,032,880 shares of the company's stock worth $7,549,000 after buying an additional 3,125,595 shares in the last quarter. Royce & Associates LP grew its position in SmartRent by 77.8% during the 4th quarter. Royce & Associates LP now owns 2,434,571 shares of the company's stock worth $4,918,000 after acquiring an additional 1,065,000 shares during the last quarter. Bank of America Corp DE increased its holdings 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 worth $8,081,000 after purchasing an additional 5,118,096 shares in the last quarter. Kennedy Capital Management LLC bought a new position in SmartRent in the fourth quarter valued at about $4,463,000. Finally, SummitTX Capital L.P. bought a new position in SmartRent in the first quarter valued at about $34,000. 59.42% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Ana G. Pinczuk acquired 107,000 shares of the business's stock in a transaction dated Tuesday, August 11th. The shares were bought at an average price of $1.43 per share, with a total value of $153,010.00. Following the transaction, the director directly owned 385,704 shares of the company's stock, valued at $551,556.72. This trade represents a 38.39% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Frank Martell acquired 100,000 shares of the business's stock in a transaction dated Tuesday, August 11th. The shares were bought at an average cost of $1.42 per share, for a total transaction of $142,000.00. Following the transaction, the chief executive officer directly owned 3,672,086 shares in the company, valued at approximately $5,214,362.12. This represents a 2.80% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders purchased 402,260 shares of company stock worth $530,654. 2.30% of the stock is currently owned by company insiders.

SmartRent Stock Performance

Shares of SMRT stock opened at $1.36 on Friday. The company has a market cap of $261.55 million, a P/E ratio of -13.65 and a beta of 1.52. The stock has a 50 day simple moving average of $1.17 and a two-hundred day simple moving average of $1.34. SmartRent, Inc. has a fifty-two week low of $0.91 and a fifty-two week high of $2.20.

SmartRent (NYSE:SMRT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.01). SmartRent had a negative return on equity of 8.50% and a negative net margin of 12.97%.The business had revenue of $38.39 million for the quarter, compared to the consensus estimate of $39.62 million. On average, research analysts predict that SmartRent, Inc. will post -0.1 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on SMRT. Keefe, Bruyette & Woods lowered their price objective on SmartRent from $1.40 to $1.20 and set a "market perform" rating for the company in a research note on Monday, July 13th. Weiss Ratings upgraded shares of SmartRent from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus 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.

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