SmartRent (NYSE:SMRT) Director Thomas Bohjalian Purchases 25,000 Shares

Key Points

• Thomas Bohjalian, a director at SmartRent, purchased 25,000 shares at an average price of $1.49, increasing his ownership by 14.29% and bringing his total shares to 200,000.
• SmartRent recently reported a loss of ($0.06) EPS, missing analysts' expectations, with quarterly revenue of $38.31 million compared to the projected $38.85 million.
• The company has initiated a $50 million share repurchase program, indicating management's belief that the stock is undervalued.

SmartRent, Inc. (NYSE:SMRT - Get Free Report) Director Thomas Bohjalian purchased 25,000 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were purchased at an average price of $1.49 per share, for a total transaction of $37,250.00. Following the completion of the transaction, the director directly owned 200,000 shares of the company's stock, valued at $298,000. This represents a 14.29% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

SmartRent Stock Performance

Shares of NYSE SMRT traded down $0.0050 during midday trading on Tuesday, hitting $1.4950. 3,598,482 shares of the stock traded hands, compared to its average volume of 1,954,892. SmartRent, Inc. has a one year low of $0.6710 and a one year high of $1.99. The firm has a 50-day moving average of $1.05 and a two-hundred day moving average of $1.06. The firm has a market capitalization of $281.16 million, a P/E ratio of -3.93 and a beta of 1.82.

SmartRent (NYSE:SMRT - Get Free Report) last released 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). The company had revenue of $38.31 million for the quarter, compared to the consensus estimate of $38.85 million. SmartRent had a negative net margin of 46.54% and a negative return on equity of 14.94%. Equities analysts forecast that SmartRent, Inc. will post -0.14 earnings per share for the current fiscal year.

SmartRent declared that its Board of Directors has approved a share repurchase program on Wednesday, May 7th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to reacquire up to 27.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

Institutional Trading of SmartRent

Hedge funds and other institutional investors have recently made changes to their positions in the company. Hudson Bay Capital Management LP acquired a new stake in SmartRent during the 2nd quarter worth $47,000. Tower Research Capital LLC TRC grew its position in SmartRent by 570.2% during the second quarter. Tower Research Capital LLC TRC now owns 95,132 shares of the company's stock worth $94,000 after buying an additional 80,938 shares during the period. Engineers Gate Manager LP raised its holdings in SmartRent by 43.6% during the second quarter. Engineers Gate Manager LP now owns 79,923 shares of the company's stock worth $79,000 after purchasing an additional 24,250 shares during the last quarter. Bridgeway Capital Management LLC raised its stake in shares of SmartRent by 100.0% during the 2nd quarter. Bridgeway Capital Management LLC now owns 200,000 shares of the company's stock worth $198,000 after buying an additional 100,000 shares during the last quarter. Finally, Brevan Howard Capital Management LP purchased a new stake in shares of SmartRent in the second quarter valued at about $308,000. Institutional investors and hedge funds own 59.42% of the company's stock.

Analyst Ratings Changes

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

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