Insider Buying: SmartRent (NYSE:SMRT) Director Buys 25,000 Shares of Stock

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 N. Bohjalian bought 25,000 shares of the business's stock in a transaction on Monday, August 18th. The stock was purchased at an average cost of $1.49 per share, for a total transaction of $37,250.00. Following the transaction, the director owned 200,000 shares of the company's stock, valued at $298,000. This trade represents a 14.29% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

SmartRent Stock Up 5.4%

NYSE:SMRT traded up $0.0750 on Friday, reaching $1.4750. 775,299 shares of the company's stock were exchanged, compared to its average volume of 1,652,594. 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, Inc. has a 52-week low of $0.6710 and a 52-week high of $1.99. The business has a fifty day moving average of $1.09 and a 200-day moving average of $1.06.

SmartRent (NYSE:SMRT - Get Free Report) last announced 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). 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 during the quarter, compared to analysts' expectations of $38.85 million. As a group, equities analysts anticipate that SmartRent, Inc. will post -0.14 earnings per share for the current year.

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on SMRT shares. Wall Street Zen upgraded shares of SmartRent from a "sell" rating to a "hold" rating in a report on Sunday, August 17th. Zacks Research raised SmartRent to a "hold" rating in a report on Friday, August 8th. Finally, Keefe, Bruyette & Woods lifted their price target on SmartRent from $1.30 to $1.45 and gave the stock a "market perform" rating in a report on Tuesday, August 12th. 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.

Institutional Trading of SmartRent

Several institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets acquired a new position in shares of SmartRent in the 4th quarter valued at $46,000. Vanguard Personalized Indexing Management LLC purchased a new stake in SmartRent in the second quarter valued at $27,000. Pallas Capital Advisors LLC lifted its position in SmartRent by 128.5% in the second quarter. Pallas Capital Advisors LLC now owns 30,788 shares of the company's stock valued at $30,000 after acquiring an additional 17,312 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in SmartRent by 101.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 34,597 shares of the company's stock valued at $42,000 after acquiring an additional 17,444 shares in the last quarter. Finally, CWM LLC boosted its stake in SmartRent by 944.4% in the first quarter. CWM LLC now owns 37,746 shares of the company's stock valued at $46,000 after acquiring an additional 34,132 shares in the last quarter. Hedge funds and other institutional investors own 59.42% of the company's stock.

SmartRent Company Profile

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.