Ancora Advisors LLC Sells 1,346,337 Shares of SmartRent, Inc. $SMRT

Key Points

• Ancora Advisors cut its SmartRent stake by 52.2% in the second quarter, selling 1.35 million shares and retaining 1.24 million shares valued at approximately $1.47 million. Institutional investors collectively own 59.42% of the company.
• SmartRent’s latest quarterly results fell short of expectations, with an adjusted loss of $0.03 per share versus the $0.02 consensus estimate and revenue of $38.39 million versus $39.62 million expected.
• Despite the institutional selling, insiders bought shares: a director and CEO Frank Martell purchased a combined 207,000 shares in August. Analysts maintain a cautious outlook, with an average “Reduce” rating and a $1.20 price target.

Ancora Advisors LLC trimmed its position in shares of SmartRent, Inc. (NYSE:SMRT - Free Report) by 52.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,235,136 shares of the company's stock after selling 1,346,337 shares during the period. Ancora Advisors LLC owned about 0.64% of SmartRent worth $1,470,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Public Employees Retirement System of Ohio purchased a new position in SmartRent during the 2nd quarter valued at about $199,000. Bank of New York Mellon Corp bought a new stake in shares of SmartRent in the 2nd quarter worth approximately $564,000. CTC Alternative Strategies Ltd. purchased a new position in shares of SmartRent during the first quarter valued at approximately $26,000. Bank of America Corp DE increased its stake in shares of SmartRent by 1,900.9% during the first quarter. Bank of America Corp DE now owns 5,387,342 shares of the company's stock valued at $8,081,000 after buying an additional 5,118,096 shares during the period. Finally, SummitTX Capital L.P. bought a new position in shares of SmartRent during the first quarter valued at approximately $34,000. 59.42% of the stock is currently owned by hedge funds and other institutional investors.

SmartRent Stock Up 2.7%

SMRT opened at $1.35 on Thursday. SmartRent, Inc. has a 52 week low of $0.91 and a 52 week high of $2.20. The stock has a market cap of $259.63 million, a PE ratio of -13.55 and a beta of 1.56. The business has a 50 day moving average of $1.19 and a 200-day moving average of $1.33.

SmartRent (NYSE:SMRT - Get Free Report) last posted its quarterly earnings data 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). The firm had revenue of $38.39 million during the quarter, compared to the consensus estimate of $39.62 million. SmartRent had a negative return on equity of 8.50% and a negative net margin of 12.97%. Equities analysts anticipate that SmartRent, Inc. will post -0.1 EPS for the current year.

Wall Street Analysts Forecast Growth

SMRT has been the subject of a number of research analyst reports. Weiss Ratings raised SmartRent from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, August 25th. Keefe, Bruyette & Woods decreased their price objective on shares of SmartRent from $1.40 to $1.20 and set a "market perform" rating for the company in a report on Monday, July 13th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, SmartRent has an average rating of "Reduce" and an average target price of $1.20.

Insider Buying and Selling

In related news, Director Ana G. Pinczuk bought 107,000 shares of the company's stock in a transaction on Tuesday, August 11th. The shares were acquired at an average cost of $1.43 per share, with a total value of $153,010.00. Following the completion of the acquisition, the director owned 385,704 shares of the company's stock, valued at $551,556.72. The trade was a 38.39% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Frank Martell bought 100,000 shares of the business's stock in a transaction dated Tuesday, August 11th. The stock was bought at an average cost of $1.42 per share, for a total transaction of $142,000.00. Following the completion of the purchase, the chief executive officer owned 3,672,086 shares of the company's stock, valued at approximately $5,214,362.12. The trade was a 2.80% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 382,260 shares of company stock worth $506,854 in the last 90 days. Insiders own 2.30% of the company's stock.

SmartRent 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.

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