Thomas Bohjalian Buys 15,000 Shares of SmartRent (NYSE:SMRT) Stock

Key Points

• Director Thomas Bohjalian bought 15,000 SmartRent shares at an average price of $1.36, investing $20,400 and increasing his direct ownership to 781,062 shares.
• SmartRent’s shares fell 1.8% to $1.35, while the company’s latest quarterly results missed expectations: an adjusted loss of $0.03 per share versus estimates of $0.02 and revenue of $38.39 million versus $39.62 million expected.
• Analyst sentiment remains cautious, with two Hold ratings and one Sell rating, an average “Reduce” recommendation, and an average price target of $1.20; institutional investors own 59.42% of the company.

SmartRent, Inc. (NYSE:SMRT - Get Free Report) Director Thomas Bohjalian purchased 15,000 shares of the business's stock in a transaction dated Thursday, August 20th. The stock was bought at an average price of $1.36 per share, with a total value of $20,400.00. Following the acquisition, the director directly owned 781,062 shares in the company, valued at approximately $1,062,244.32. This represents a 1.96% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

SmartRent Stock Down 1.8%

Shares of NYSE SMRT traded down $0.03 during midday trading on Thursday, hitting $1.35. The company had a trading volume of 615,959 shares, compared to its average volume of 1,464,454. SmartRent, Inc. has a twelve month low of $0.91 and a twelve month high of $2.20. The business has a 50-day simple moving average of $1.14 and a two-hundred day simple moving average of $1.35. The firm has a market capitalization of $259.63 million, a price-to-earnings 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 (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.01). The company had revenue of $38.39 million for the quarter, compared to analyst estimates of $39.62 million. SmartRent had a negative net margin of 12.97% and a negative return on equity of 8.50%. On average, equities analysts forecast that SmartRent, Inc. will post -0.1 EPS for the current year.

Hedge Funds Weigh In On SmartRent

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMRT. Public Employees Retirement System of Ohio acquired a new stake in shares of SmartRent in the second quarter valued at approximately $199,000. Ancora Advisors LLC purchased a new stake in SmartRent in the 2nd quarter valued at approximately $1,470,000. Bank of New York Mellon Corp acquired a new stake in SmartRent during the 2nd quarter valued at $564,000. CTC Alternative Strategies Ltd. purchased a new position in SmartRent during the first quarter worth $26,000. Finally, Bank of America Corp DE raised its holdings in shares of SmartRent by 1,900.9% in the first quarter. Bank of America Corp DE now owns 5,387,342 shares of the company's stock worth $8,081,000 after acquiring an additional 5,118,096 shares during the last quarter. Institutional investors and hedge funds own 59.42% of the company's stock.

Wall Street Analysts Forecast Growth

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

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.

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