SmartRent (NYSE:SMRT) Director Thomas Bohjalian Purchases 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 Bohjalian acquired 100,000 shares of the stock in a transaction dated Tuesday, August 19th. The shares were bought at an average price of $1.50 per share, with a total value of $150,000.00. Following the completion of the purchase, the director directly owned 300,000 shares of the company's stock, valued at approximately $450,000. This trade represents a 50.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link.

SmartRent Stock Performance

Shares of NYSE SMRT traded down $0.0050 during mid-day trading on Tuesday, hitting $1.4950. The stock had a trading volume of 3,598,482 shares, compared to its average volume of 1,954,892. The firm has a market cap of $281.16 million, a PE ratio of -3.93 and a beta of 1.82. The company has a 50 day moving average of $1.05 and a two-hundred day moving average of $1.06. SmartRent, Inc. has a twelve month low of $0.6710 and a twelve month high of $1.99.

SmartRent (NYSE:SMRT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The firm had revenue of $38.31 million for the quarter, compared to analysts' expectations of $38.85 million. SmartRent had a negative net margin of 46.54% and a negative return on equity of 14.94%. Equities research analysts predict that SmartRent, Inc. will post -0.14 EPS for the current fiscal year.

SmartRent announced that its Board of Directors has approved a share buyback plan on Wednesday, May 7th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 27.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Wall Street Zen raised shares of SmartRent from a "sell" rating to a "hold" rating in a research report on Sunday. Keefe, Bruyette & Woods raised their target price on shares of SmartRent from $1.30 to $1.45 and gave the stock a "market perform" rating in a report on Tuesday, August 12th. Cantor Fitzgerald upgraded shares of SmartRent to a "hold" rating in a research report on Tuesday, April 22nd. Finally, Zacks Research raised SmartRent to a "hold" rating in a research report on Friday, August 8th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $1.45.

Institutional Trading of SmartRent

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Crossingbridge Advisors LLC purchased a new position in SmartRent in the fourth quarter valued at $569,000. JPMorgan Chase & Co. grew 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 period. Wells Fargo & Company MN increased its stake in shares of SmartRent by 25.6% in the 4th quarter. Wells Fargo & Company MN now owns 120,066 shares of the company's stock valued at $210,000 after purchasing an additional 24,452 shares in the last quarter. XTX Topco Ltd raised its holdings in SmartRent by 21.4% in the 4th quarter. XTX Topco Ltd now owns 171,128 shares of the company's stock worth $299,000 after purchasing an additional 30,116 shares during the period. Finally, MetLife Investment Management LLC boosted its position in SmartRent by 20.6% during the fourth quarter. MetLife Investment Management LLC now owns 87,149 shares of the company's stock worth $153,000 after purchasing an additional 14,879 shares in the last quarter. Institutional investors and hedge funds own 59.42% of the company's stock.

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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