Insider Buying: SmartRent (NYSE:SMRT) CEO Purchases $142,000.00 in Stock

Key Points

• SmartRent CEO Frank Martell bought 100,000 shares at an average price of $1.42, investing $142,000 and increasing his ownership by 2.8% to 3.67 million shares.
• SmartRent shares rose 4.8% to $1.43 in midday trading, but the company reported a quarterly EPS loss of $0.03 and revenue of $38.39 million, both slightly below analyst expectations.
• Analyst sentiment remains cautious: the stock has an average “Reduce” rating and a $1.20 price target, while institutional investors and hedge funds own 59.42% of outstanding shares.

SmartRent, Inc. (NYSE:SMRT - Get Free Report) CEO Frank Martell acquired 100,000 shares of SmartRent stock in a transaction on Tuesday, August 11th. The shares were bought at an average cost of $1.42 per share, with a total value of $142,000.00. Following the completion of the purchase, the chief executive officer owned 3,672,086 shares in the company, valued at $5,214,362.12. The trade was a 2.80% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link.

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

• On Friday, June 5th, Frank Martell bought 40,260 shares of SmartRent stock. The stock was bought at an average price of $1.13 per share, for a total transaction of $45,493.80.
• On Thursday, June 4th, Frank Martell purchased 20,000 shares of SmartRent stock. The shares were bought at an average cost of $1.19 per share, with a total value of $23,800.00.

SmartRent Stock Up 4.8%

NYSE:SMRT traded up $0.07 during midday trading on Tuesday, reaching $1.43. The stock had a trading volume of 1,346,611 shares, compared to its average volume of 1,471,279. The stock has a market cap of $273.04 million, a P/E ratio of -14.25 and a beta of 1.52. The firm has a fifty day simple moving average of $1.10 and a two-hundred day simple moving average of $1.37. SmartRent, Inc. has a 12-month low of $0.91 and a 12-month high of $2.20.

SmartRent (NYSE:SMRT - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $38.39 million during the quarter, compared to analyst estimates of $39.62 million. On average, sell-side analysts anticipate that SmartRent, Inc. will post -0.1 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SMRT has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods dropped their price objective on SmartRent from $1.40 to $1.20 and set a "market perform" rating on the stock in a report on Monday, July 13th. Weiss Ratings downgraded SmartRent from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average price target of $1.20.

Institutional Investors Weigh In On SmartRent

Institutional investors and hedge funds have recently modified their holdings of the company. Neuberger Berman Group LLC acquired a new position in SmartRent during the fourth quarter worth $30,000. CTC Alternative Strategies Ltd. acquired a new stake in SmartRent in the first quarter valued at $26,000. Dean Jacobson Financial Services LLC purchased a new position in shares of SmartRent in the fourth quarter valued at $35,000. Kanen Wealth Management LLC purchased a new position in shares of SmartRent in the third quarter valued at $26,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of SmartRent during the 4th quarter worth $39,000. Institutional investors and hedge funds own 59.42% of the company's stock.

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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