Thomas Bohjalian Acquires 40,000 Shares of SmartRent (NYSE:SMRT) Stock

Key Points

• SmartRent director Thomas Bohjalian purchased 40,000 shares at $1.40 each, investing $56,000 and increasing his ownership by 5.51% to 766,062 shares.
• SmartRent’s shares recently traded at $1.35, within a $0.91–$2.20 52-week range. The company reported a quarterly loss of $0.03 per share and revenue of $38.39 million, both slightly below analyst expectations.
• Analyst sentiment remains cautious: the consensus rating is “Reduce,” with an average price target of $1.20, while institutional investors own 59.42% of the company.

SmartRent, Inc. (NYSE:SMRT - Get Free Report) Director Thomas Bohjalian bought 40,000 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was purchased at an average cost of $1.40 per share, for a total transaction of $56,000.00. Following the completion of the transaction, the director owned 766,062 shares in the company, valued at $1,072,486.80. This trade represents a 5.51% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

SmartRent Stock Performance

SMRT stock traded down $0.03 during midday trading on Thursday, reaching $1.35. The stock had a trading volume of 615,959 shares, compared to its average volume of 1,464,454. The firm has a fifty day simple moving average of $1.14 and a two-hundred day simple moving average of $1.35. SmartRent, Inc. has a 52-week low of $0.91 and a 52-week high of $2.20. The stock has a market cap of $259.63 million, a PE ratio of -13.55 and a beta of 1.52.

SmartRent (NYSE:SMRT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.01). SmartRent had a negative net margin of 12.97% and a negative return on equity of 8.50%. The firm had revenue of $38.39 million for the quarter, compared to analysts' expectations of $39.62 million. On average, sell-side analysts predict that SmartRent, Inc. will post -0.1 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently weighed in on SMRT. Keefe, Bruyette & Woods cut their price target on shares of SmartRent from $1.40 to $1.20 and set a "market perform" rating on the stock in a report on Monday, July 13th. Weiss Ratings cut shares of SmartRent from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Reduce" and an average price target of $1.20.

Institutional Trading of SmartRent

A number of hedge funds have recently modified their holdings of SMRT. Neuberger Berman Group LLC acquired a new stake in SmartRent during the fourth quarter worth about $30,000. CTC Alternative Strategies Ltd. purchased a new stake in SmartRent in the 1st quarter worth approximately $26,000. Dean Jacobson Financial Services LLC purchased a new stake in SmartRent in the 4th quarter worth approximately $35,000. Kanen Wealth Management LLC acquired a new stake in shares of SmartRent during the 3rd quarter worth approximately $26,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in shares of SmartRent during the 4th quarter worth approximately $39,000. Hedge funds and other institutional investors own 59.42% of the company's stock.

SmartRent Company Profile

SmartRent Inc is a technology company that develops smart home and smart building automation solutions for the residential rental housing industry. Its integrated hardware and software platform enables property managers and owners to remotely monitor, manage and control access, energy use and overall resident experience. The company's product portfolio includes smart locks, thermostats, leak and flood sensors, door and window sensors, security cameras, and a centralized management dashboard that interfaces with leading property management systems.

SmartRent's platform is designed to streamline operations for multifamily communities and single-family rental portfolios by automating routine tasks such as digital resident self-showings, remote lease turnovers, package management and preventative maintenance alerts.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source