Nuveen LLC Invests $498,000 in SmartRent, Inc. $SMRT

Key Points

• Nuveen LLC has acquired a new stake in SmartRent, Inc., purchasing 411,632 shares valued at approximately $498,000, representing about 0.22% of the company.
• Insider transactions include CEO Frank Martell buying 150,000 shares for $187,500 and Director Thomas N. Bohjalian purchasing 100,000 shares for $150,000, indicating increasing confidence in the company's performance.
• SmartRent's stock is currently rated as a "hold" by several brokerages, with an average target price of $1.45, following a missed earnings estimate in its quarterly report.

Nuveen LLC purchased a new stake in SmartRent, Inc. (NYSE:SMRT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 411,632 shares of the company's stock, valued at approximately $498,000. Nuveen LLC owned approximately 0.22% of SmartRent at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of SMRT. Wealth Enhancement Advisory Services LLC lifted its stake in SmartRent by 101.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 34,597 shares of the company's stock valued at $42,000 after acquiring an additional 17,444 shares in the last quarter. Millennium Management LLC raised its holdings in shares of SmartRent by 82.4% in the fourth quarter. Millennium Management LLC now owns 908,769 shares of the company's stock valued at $1,590,000 after purchasing an additional 410,666 shares during the last quarter. D. E. Shaw & Co. Inc. bought a new stake in shares of SmartRent in the fourth quarter worth $434,000. Jane Street Group LLC grew its position in SmartRent by 30.7% in the fourth quarter. Jane Street Group LLC now owns 406,132 shares of the company's stock valued at $711,000 after purchasing an additional 95,460 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its stake in SmartRent by 6.6% in the 4th quarter. Ameriprise Financial Inc. now owns 2,627,954 shares of the company's stock valued at $4,599,000 after buying an additional 163,648 shares during the last quarter. 59.42% of the stock is currently owned by institutional investors.

SmartRent Stock Performance

SMRT traded down $0.03 during trading hours on Wednesday, reaching $1.44. The company's stock had a trading volume of 787,426 shares, compared to its average volume of 1,093,716. The company's 50-day moving average is $1.22 and its 200-day moving average is $1.07. SmartRent, Inc. has a 52 week low of $0.67 and a 52 week high of $1.99. The firm has a market cap of $269.88 million, a PE ratio of -3.78 and a beta of 1.86.

SmartRent (NYSE:SMRT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.02). The business had revenue of $38.31 million for the quarter, compared to analyst estimates of $38.85 million. SmartRent had a negative return on equity of 14.94% and a negative net margin of 46.54%. Equities analysts anticipate that SmartRent, Inc. will post -0.14 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SMRT has been the subject of a number of recent research reports. Zacks Research upgraded shares of SmartRent to a "hold" rating in a research note on Friday, August 8th. Keefe, Bruyette & Woods increased their price target on SmartRent from $1.30 to $1.45 and gave the company a "market perform" rating in a research report on Tuesday, August 12th. Finally, Wall Street Zen raised SmartRent from a "sell" rating to a "hold" rating in a research report on Sunday, August 17th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat, SmartRent currently has an average rating of "Hold" and a consensus target price of $1.45.

Insider Activity

In other news, CEO Frank Martell acquired 150,000 shares of SmartRent stock in a transaction on Friday, August 8th. The stock was purchased at an average price of $1.25 per share, with a total value of $187,500.00. Following the completion of the purchase, the chief executive officer owned 398,204 shares of the company's stock, valued at approximately $497,755. The trade was a 60.43% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas N. Bohjalian purchased 100,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The shares were bought at an average price of $1.50 per share, with a total value of $150,000.00. Following the acquisition, the director directly owned 300,000 shares of the company's stock, valued at $450,000. This represents a 50.00% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 625,000 shares of company stock worth $840,850 in the last quarter. Company insiders own 1.90% of the company's stock.

About SmartRent

SmartRent, Inc, an enterprise software company, provides an integrated smart home operating system to residential property owners and operators, homebuilders, institutional home buyers, developers, and residents in the United States. The company's products and solutions include smart apartments and homes, access control for buildings, common areas, and rental units, asset protection and monitoring, parking management, self-guided tours, and community and resident Wi-Fi.