SmartRent, Inc. (NYSE:SMRT) Short Interest Update

Key Points

• Short interest in SmartRent surged 130.9% in June, reaching 6.38 million shares by June 30. That works out to 3.4% of the float and a short-interest ratio of 1.7 days.
• The stock was trading near its lows, recently at $0.99, close to its 52-week low of $0.90 and well below its 50-day and 200-day moving averages of $1.15 and $1.48.
• Insiders have been buying shares, including CEO Frank Martell and Director Thomas N. Bohjalian, while analysts currently have a cautious view with a consensus rating of “Reduce” and a $1.20 price target.

SmartRent, Inc. (NYSE:SMRT - Get Free Report) was the target of a significant growth in short interest in June. As of June 30th, there was short interest totaling 6,384,341 shares, a growth of 130.9% from the June 15th total of 2,765,204 shares. Based on an average trading volume of 3,707,709 shares, the short-interest ratio is currently 1.7 days. Currently, 3.4% of the company's stock are short sold.

SmartRent Trading Up 0.5%

SmartRent stock traded up $0.00 during midday trading on Tuesday, reaching $0.99. 1,311,709 shares of the company's stock were exchanged, compared to its average volume of 2,750,399. SmartRent has a 52 week low of $0.90 and a 52 week high of $2.20. The stock's 50-day simple moving average is $1.15 and its 200 day simple moving average is $1.48.

SmartRent (NYSE:SMRT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.02) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.02). SmartRent had a negative return on equity of 10.61% and a negative net margin of 16.58%.The firm had revenue of $36.63 million for the quarter, compared to the consensus estimate of $36.82 million. Analysts expect that SmartRent will post -0.1 earnings per share for the current year.

Insider Activity at SmartRent

In related news, CEO Frank Martell purchased 100,000 shares of SmartRent stock in a transaction that occurred on Tuesday, May 12th. The stock was purchased at an average cost of $1.18 per share, with a total value of $118,000.00. Following the completion of the transaction, the chief executive officer owned 3,165,266 shares of the company's stock, valued at approximately $3,735,013.88. This trade represents a 3.26% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas N. Bohjalian purchased 75,000 shares of the firm's stock in a transaction on Wednesday, June 10th. The stock was bought at an average price of $1.11 per share, with a total value of $83,250.00. Following the completion of the purchase, the director owned 721,062 shares of the company's stock, valued at approximately $800,378.82. This represents a 11.61% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 295,260 shares of company stock valued at $339,044 over the last three months. Insiders own 2.30% of the company's stock.

Institutional Investors Weigh In On SmartRent

A number of large investors have recently added to or reduced their stakes in SMRT. Northern Right Capital Management L.P. bought a new position in SmartRent during the third quarter worth $3,739,000. Mak Capital One LLC bought a new position in shares of SmartRent in the third quarter valued at about $4,038,000. Royce & Associates LP raised its position in shares of SmartRent by 77.8% in the fourth quarter. Royce & Associates LP now owns 2,434,571 shares of the company's stock valued at $4,918,000 after purchasing an additional 1,065,000 shares during the period. Punch & Associates Investment Management Inc. acquired a new stake in shares of SmartRent during the 4th quarter worth about $3,853,000. Finally, Kennedy Capital Management LLC acquired a new stake in shares of SmartRent during the 4th quarter worth about $4,463,000. Institutional investors own 59.42% of the company's stock.

Analyst Upgrades and Downgrades

SMRT has been the subject of several analyst reports. Weiss Ratings cut shares of SmartRent from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods dropped their price target on shares of SmartRent from $1.40 to $1.20 and set a "market perform" rating on the stock in a research report on Monday. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, SmartRent currently has a consensus rating of "Reduce" and a consensus target price of $1.20.

SmartRent Company 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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