SmartRent, Inc. (NYSE:SMRT) CEO Buys $178,100.00 in Stock

Key Points

• SmartRent CEO Frank Martell purchased 130,000 shares at an average price of $1.37 per share, totaling $178,100, increasing his ownership by 26.09%.
• The company recently reported a quarterly loss of ($0.06) per share, missing estimates, with a revenue of $38.31 million compared to expectations of $38.85 million.
• SmartRent's Board of Directors has initiated a $50 million stock buyback plan, indicating confidence in the company’s undervalued stock.

SmartRent, Inc. (NYSE:SMRT - Get Free Report) CEO Frank Martell bought 130,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was bought at an average price of $1.37 per share, for a total transaction of $178,100.00. Following the completion of the purchase, the chief executive officer directly owned 628,204 shares in the company, valued at approximately $860,639.48. The trade was a 26.09% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Monday, August 11th, Frank Martell purchased 100,000 shares of SmartRent stock. The stock was acquired at an average cost of $1.26 per share, with a total value of $126,000.00.
• On Friday, August 8th, Frank Martell purchased 150,000 shares of SmartRent stock. The stock was bought at an average cost of $1.25 per share, with a total value of $187,500.00.

SmartRent Price Performance

Shares of NYSE:SMRT traded up $0.11 on Tuesday, reaching $1.36. 2,046,709 shares of the company traded hands, compared to its average volume of 1,408,096. SmartRent, Inc. has a fifty-two week low of $0.67 and a fifty-two week high of $1.99. The company's 50 day moving average is $1.01 and its 200-day 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 the consensus estimate of ($0.04) by ($0.02). SmartRent had a negative return on equity of 14.94% and a negative net margin of 46.54%. The firm had revenue of $38.31 million for the quarter, compared to analysts' expectations of $38.85 million. As a group, equities analysts anticipate that SmartRent, Inc. will post -0.14 EPS for the current fiscal year.

SmartRent announced that its Board of Directors has initiated a stock buyback plan on Wednesday, May 7th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 27.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its stock is undervalued.

Institutional Investors Weigh In On SmartRent

Hedge funds and other institutional investors have recently made changes to their positions in the business. Crossingbridge Advisors LLC acquired a new position in shares of SmartRent in the 4th quarter worth approximately $569,000. JPMorgan Chase & Co. raised its position in shares of SmartRent by 35.9% during the 4th quarter. JPMorgan Chase & Co. now owns 391,501 shares of the company's stock valued at $685,000 after acquiring an additional 103,325 shares during the last quarter. Wells Fargo & Company MN boosted its stake in SmartRent by 25.6% during the 4th quarter. Wells Fargo & Company MN now owns 120,066 shares of the company's stock worth $210,000 after acquiring an additional 24,452 shares during the last quarter. XTX Topco Ltd boosted its stake in SmartRent by 21.4% during the 4th quarter. XTX Topco Ltd now owns 171,128 shares of the company's stock worth $299,000 after acquiring an additional 30,116 shares during the last quarter. Finally, MetLife Investment Management LLC increased its position in shares of SmartRent by 20.6% in the 4th quarter. MetLife Investment Management LLC now owns 87,149 shares of the company's stock valued at $153,000 after buying an additional 14,879 shares in the last quarter. 59.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

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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