Frank Martell Acquires 100,000 Shares of SmartRent, Inc. (NYSE:SMRT) Stock

SmartRent, Inc. (NYSE:SMRT) CEO Frank Martell bought 100,000 shares of SmartRent stock in a transaction that occurred on Monday, August 11th. The shares were acquired at an average cost of $1.26 per share, for a total transaction of $126,000.00. Following the completion of the transaction, the chief executive officer directly owned 498,204 shares in the company, valued at $627,737.04. This represents a 25.11% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Frank Martell also recently made the following trade(s):

• On Tuesday, August 12th, Frank Martell purchased 130,000 shares of SmartRent stock. The shares were purchased at an average price of $1.37 per share, for a total transaction of $178,100.00.
• On Friday, August 8th, Frank Martell purchased 150,000 shares of SmartRent stock. The shares were purchased at an average price of $1.25 per share, for a total transaction of $187,500.00.

SmartRent Stock Down 0.4%

Shares of SMRT opened at $1.36 on Thursday. SmartRent, Inc. has a 52 week low of $0.67 and a 52 week high of $1.99. The company has a market capitalization of $254.84 million, a price-to-earnings ratio of -3.57 and a beta of 1.82. The stock’s 50-day moving average price is $1.02 and its 200-day moving average price is $1.07.

SmartRent (NYSE:SMRT) last issued its earnings results on Wednesday, August 6th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). SmartRent had a negative return on equity of 14.94% and a negative net margin of 46.54%. 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 EPS for the current fiscal year.

SmartRent announced that its Board of Directors has approved a share repurchase program on Wednesday, May 7th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 27.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms have weighed in on SMRT. Cantor Fitzgerald upgraded SmartRent to a “hold” rating in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods boosted their price target on SmartRent from $1.30 to $1.45 and gave the company a “market perform” rating in a research note on Tuesday.

Institutional Trading of SmartRent

Hedge funds have recently modified their holdings of the stock. Land & Buildings Investment Management LLC raised its holdings in SmartRent by 4.4% in the 4th quarter. Land & Buildings Investment Management LLC now owns 3,990,266 shares of the company’s stock worth $6,983,000 after purchasing an additional 167,828 shares during the period. Marshall Wace LLP raised its holdings in SmartRent by 230.4% in the 2nd quarter. Marshall Wace LLP now owns 2,657,531 shares of the company’s stock worth $2,631,000 after purchasing an additional 1,853,247 shares during the period. Ameriprise Financial Inc. raised its holdings in SmartRent by 6.6% in the 4th quarter. Ameriprise Financial Inc. now owns 2,627,954 shares of the company’s stock worth $4,599,000 after purchasing an additional 163,648 shares during the period. Northern Trust Corp raised its holdings in SmartRent by 3.5% in the 4th quarter. Northern Trust Corp now owns 1,678,310 shares of the company’s stock worth $2,937,000 after purchasing an additional 55,977 shares during the period. Finally, Royce & Associates LP raised its holdings in SmartRent by 5.4% in the 1st quarter. Royce & Associates LP now owns 1,352,017 shares of the company’s stock worth $1,636,000 after purchasing an additional 68,692 shares during the period. 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.