SmartRent (NYSE:SMRT) Director Thomas N. Bohjalian Buys 100,000 Shares

Key Points

• Thomas Bohjalian, a director at SmartRent, purchased 100,000 shares at an average price of $1.50 per share, increasing his stake by 50% to a total of 300,000 shares.
• SmartRent reported a quarterly loss of ($0.06) per share, missing the consensus estimate, and had revenues of $38.31 million, below analyst expectations of $38.85 million.
• The company has initiated a $50 million share buyback plan, indicating that leadership believes the stock is undervalued.

SmartRent, Inc. (NYSE:SMRT - Get Free Report) Director Thomas N. Bohjalian bought 100,000 shares of the business's stock in a transaction on Tuesday, August 19th. The shares were bought at an average cost of $1.50 per share, for a total transaction of $150,000.00. Following the completion of the acquisition, the director directly owned 300,000 shares in the company, valued at approximately $450,000. This trade represents a 50.00% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

SmartRent Trading Up 5.4%

NYSE:SMRT traded up $0.0750 on Friday, reaching $1.4750. 775,299 shares of the stock traded hands, compared to its average volume of 1,652,594. SmartRent, Inc. has a 1-year low of $0.6710 and a 1-year high of $1.99. The company's 50 day moving average is $1.09 and its 200-day moving average is $1.06. The firm has a market capitalization of $277.40 million, a price-to-earnings ratio of -3.88 and a beta of 1.82.

SmartRent (NYSE:SMRT - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $38.31 million for the quarter, compared to the consensus estimate of $38.85 million. On average, equities research analysts forecast that SmartRent, Inc. will post -0.14 EPS for the current fiscal year.

SmartRent declared that its Board of Directors has initiated a share repurchase 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 generally a sign that the company's board of directors believes its shares are undervalued.

Hedge Funds Weigh In On SmartRent

A number of institutional investors have recently modified their holdings of SMRT. Hudson Bay Capital Management LP acquired a new stake in SmartRent in the 2nd quarter valued at $47,000. Tower Research Capital LLC TRC lifted its stake in shares of SmartRent by 570.2% in the second quarter. Tower Research Capital LLC TRC now owns 95,132 shares of the company's stock valued at $94,000 after buying an additional 80,938 shares in the last quarter. Engineers Gate Manager LP grew its holdings in shares of SmartRent by 43.6% during the second quarter. Engineers Gate Manager LP now owns 79,923 shares of the company's stock valued at $79,000 after buying an additional 24,250 shares during the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of SmartRent by 100.0% during the second quarter. Bridgeway Capital Management LLC now owns 200,000 shares of the company's stock valued at $198,000 after buying an additional 100,000 shares during the last quarter. Finally, Brevan Howard Capital Management LP bought a new stake in shares of SmartRent during the second quarter worth about $308,000. 59.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SMRT. Wall Street Zen raised SmartRent from a "sell" rating to a "hold" rating in a research note on Sunday, August 17th. Zacks Research upgraded SmartRent to a "hold" rating in a report on Friday, August 8th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of SmartRent from $1.30 to $1.45 and gave the company a "market perform" rating in a research note on Tuesday, August 12th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target 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.