Bank of America Corp DE Grows Stock Holdings in SmartRent, Inc. $SMRT

Key Points

• Bank of America increased its SmartRent stake by 1,900.9% in the first quarter, acquiring 5.12 million additional shares to hold 5.39 million shares worth approximately $8.1 million, or 2.79% of the company.
• Other institutional investors also expanded their positions, while SmartRent insiders bought 402,260 shares worth roughly $531,000 over the past 90 days. Institutional investors own 59.42% of the stock, compared with 2.30% held by insiders.
• SmartRent received a consensus “Reduce” rating with a $1.20 price target, and its latest quarterly results missed expectations on both earnings and revenue. The stock opened at $1.44, while analysts expect a full-year loss of $0.10 per share.

Bank of America Corp DE boosted its stake in SmartRent, Inc. (NYSE:SMRT - Free Report) by 1,900.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,387,342 shares of the company's stock after purchasing an additional 5,118,096 shares during the quarter. Bank of America Corp DE owned approximately 2.79% of SmartRent worth $8,081,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Punch & Associates Investment Management Inc. lifted its holdings in shares of SmartRent by 163.9% during the 1st quarter. Punch & Associates Investment Management Inc. now owns 5,032,880 shares of the company's stock worth $7,549,000 after acquiring an additional 3,125,595 shares during the last quarter. Royce & Associates LP boosted its holdings in shares of SmartRent by 77.8% in the 4th quarter. Royce & Associates LP now owns 2,434,571 shares of the company's stock worth $4,918,000 after purchasing an additional 1,065,000 shares in the last quarter. Kennedy Capital Management LLC purchased a new position in shares of SmartRent in the 4th quarter worth about $4,463,000. Neuberger Berman Group LLC purchased a new stake in SmartRent in the fourth quarter worth approximately $30,000. Finally, Kanen Wealth Management LLC bought a new position in SmartRent during the third quarter valued at approximately $26,000. Hedge funds and other institutional investors own 59.42% of the company's stock.

Insider Activity at SmartRent

In other SmartRent news, Director Ana G. Pinczuk purchased 107,000 shares of the firm's stock in a transaction on Tuesday, August 11th. The shares were acquired at an average cost of $1.43 per share, for a total transaction of $153,010.00. Following the completion of the transaction, the director owned 385,704 shares of the company's stock, valued at approximately $551,556.72. The trade was a 38.39% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Frank Martell purchased 100,000 shares of the company's stock in a transaction dated Tuesday, August 11th. The shares were acquired at an average price of $1.42 per share, for a total transaction of $142,000.00. Following the purchase, the chief executive officer directly owned 3,672,086 shares in the company, valued at approximately $5,214,362.12. The trade was 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 acquired 402,260 shares of company stock worth $530,654. 2.30% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts have commented on SMRT shares. Weiss Ratings downgraded shares of SmartRent from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, August 6th. Keefe, Bruyette & Woods reduced their target price on shares of SmartRent from $1.40 to $1.20 and set a "market perform" rating on the stock in a report on Monday, July 13th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, SmartRent has an average rating of "Reduce" and a consensus price target of $1.20.

SmartRent Trading Up 2.5%

NYSE SMRT opened at $1.44 on Wednesday. The stock has a market cap of $274.96 million, a P/E ratio of -14.35 and a beta of 1.52. SmartRent, Inc. has a 12 month low of $0.91 and a 12 month high of $2.20. The stock's fifty day moving average price is $1.16 and its 200-day moving average price is $1.34.

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

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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