Insider Buying: SmartRent, Inc. (NYSE:SMRT) CEO Acquires 100,000 Shares of Stock

Key Points

• SmartRent, Inc. CEO Frank Martell recently acquired 100,000 shares at $1.26 per share, increasing his stake in the company by 25.11% to a total of 498,204 shares.
• SmartRent's stock has shown significant volatility, trading up 8.4% to $1.36 recently, with a one-year low of $0.67 and a high of $1.99.
• The company reported a earnings per share of ($0.06) for the last quarter, falling short of analysts' expectations, and has a negative net margin of 46.54%.

SmartRent, Inc. (NYSE:SMRT - Get Free Report) CEO Frank Martell purchased 100,000 shares of the business's stock in a transaction on Monday, August 11th. The stock was acquired at an average cost of $1.26 per share, with a total value of $126,000.00. Following the completion of the acquisition, the chief executive officer directly owned 498,204 shares in the company, valued at $627,737.04. The trade was a 25.11% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Frank Martell also recently made the following trade(s):

• On Tuesday, August 12th, Frank Martell purchased 130,000 shares of SmartRent stock. The shares were purchased at an average price of $1.37 per share, with a total value of $178,100.00.
• On Friday, August 8th, Frank Martell bought 150,000 shares of SmartRent stock. The stock was bought at an average price of $1.25 per share, with a total value of $187,500.00.

SmartRent Trading Up 8.4%

Shares of SMRT traded up $0.11 during midday trading on Tuesday, hitting $1.36. The company's stock had a trading volume of 2,046,709 shares, compared to its average volume of 1,408,096. SmartRent, Inc. has a one year low of $0.67 and a one year high of $1.99. The company's fifty day simple moving average is $1.01 and its two-hundred day simple moving average is $1.07.

SmartRent (NYSE:SMRT - Get Free Report) last announced its quarterly earnings data 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). SmartRent had a negative net margin of 46.54% and a negative return on equity of 14.94%. The business had revenue of $38.31 million during the quarter, compared to analyst estimates of $38.85 million. Equities analysts anticipate that SmartRent, Inc. will post -0.14 EPS for the current fiscal year.

SmartRent declared that its board has approved a share buyback program on Wednesday, May 7th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 27.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SMRT shares. Cantor Fitzgerald upgraded SmartRent to a "hold" rating in a research report on Tuesday, April 22nd. Keefe, Bruyette & Woods increased their price objective on SmartRent from $1.30 to $1.45 and gave the stock a "market perform" rating in a report on Tuesday.

Hedge Funds Weigh In On SmartRent

A number of large investors have recently made changes to their positions in SMRT. AQR Capital Management LLC boosted its position in shares of SmartRent by 245.9% in the 1st quarter. AQR Capital Management LLC now owns 973,783 shares of the company's stock worth $1,178,000 after purchasing an additional 692,268 shares in the last quarter. Manatuck Hill Partners LLC bought a new position in SmartRent in the 4th quarter worth $875,000. Nuveen LLC bought a new position in shares of SmartRent during the 1st quarter valued at about $498,000. Millennium Management LLC raised its position in shares of SmartRent by 82.4% during the 4th quarter. Millennium Management LLC now owns 908,769 shares of the company's stock valued at $1,590,000 after buying an additional 410,666 shares in the last quarter. Finally, Crossingbridge Advisors LLC purchased a new stake in SmartRent in the 4th quarter worth about $569,000. 59.42% of the stock is owned by institutional investors.

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.

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