Insider Buying: SmartRent (NYSE:SMRT) CEO Purchases 50,000 Shares of Stock

Key Points

• SmartRent CEO Frank Martell purchased 50,000 shares of the company’s stock for $76,500, bringing his total holdings to 848,204 shares.
• The company reported a loss of ($0.06) earnings per share for the last quarter, missing analyst expectations by $0.02.
• SmartRent shares were recently trading at $1.52, with a market capitalization of approximately $284.93 million and a price-to-earnings ratio of -3.99.

SmartRent, Inc. (NYSE:SMRT - Get Free Report) CEO Frank Martell purchased 50,000 shares of the firm's stock in a transaction on Monday, September 15th. The shares were purchased at an average cost of $1.53 per share, with a total value of $76,500.00. Following the completion of the purchase, the chief executive officer owned 898,204 shares in the company, valued at $1,374,252.12. This represents a 5.89% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Friday, September 12th, Frank Martell purchased 50,000 shares of SmartRent stock. The shares were purchased at an average cost of $1.44 per share, with a total value of $72,000.00.
• On Friday, August 15th, Frank Martell purchased 120,000 shares of SmartRent stock. The shares were purchased at an average cost of $1.35 per share, with a total value of $162,000.00.
• On Tuesday, August 12th, Frank Martell purchased 130,000 shares of SmartRent stock. The shares were purchased at an average cost of $1.37 per share, with a total value of $178,100.00.
• On Monday, August 11th, Frank Martell purchased 100,000 shares of SmartRent stock. The shares were purchased 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 shares were purchased at an average cost of $1.25 per share, with a total value of $187,500.00.

SmartRent Stock Performance

NYSE SMRT traded down $0.02 on Friday, reaching $1.59. 1,035,007 shares of the stock traded hands, compared to its average volume of 993,048. The firm's fifty day simple moving average is $1.29 and its 200 day simple moving average is $1.08. SmartRent, Inc. has a 12 month low of $0.67 and a 12 month high of $1.99.

SmartRent (NYSE:SMRT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.06) 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 company had revenue of $38.31 million for the quarter, compared to analyst estimates of $38.85 million. Research analysts forecast that SmartRent, Inc. will post -0.14 EPS for the current fiscal year.

Institutional Trading of SmartRent

A number of hedge funds have recently modified their holdings of SMRT. Price T Rowe Associates Inc. MD lifted its holdings in shares of SmartRent by 15.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 71,641 shares of the company's stock valued at $126,000 after purchasing an additional 9,827 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of SmartRent by 3.5% in the fourth quarter. Northern Trust Corp now owns 1,678,310 shares of the company's stock valued at $2,937,000 after purchasing an additional 55,977 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of 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. Ameriprise Financial Inc. lifted its holdings in shares of SmartRent by 6.6% in the fourth quarter. Ameriprise Financial Inc. now owns 2,627,954 shares of the company's stock valued at $4,599,000 after purchasing an additional 163,648 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in shares of SmartRent in the fourth quarter valued at $46,000. Hedge funds and other institutional investors own 59.42% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Keefe, Bruyette & Woods increased their price objective on SmartRent from $1.30 to $1.45 and gave the company a "market perform" rating in a research report on Tuesday, August 12th. Zacks Research upgraded SmartRent to a "hold" rating in a research report on Friday, August 8th. Finally, Wall Street Zen upgraded SmartRent from a "sell" rating to a "hold" rating in a research report on Sunday, August 17th. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $1.45.

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.