Insider Buying: SmartRent (NYSE:SMRT) CEO Purchases 20,000 Shares of Stock

SmartRent, Inc. (NYSE:SMRT) CEO Frank Martell bought 20,000 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The shares were bought at an average price of $1.19 per share, for a total transaction of $23,800.00. Following the transaction, the chief executive officer directly owned 3,185,266 shares in the company, valued at $3,790,466.54. This trade represents a 0.63% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

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

• On Friday, June 5th, Frank Martell bought 40,260 shares of SmartRent stock. The shares were bought at an average price of $1.13 per share, for a total transaction of $45,493.80.
• On Tuesday, May 12th, Frank Martell bought 100,000 shares of SmartRent stock. The shares were bought at an average price of $1.18 per share, for a total transaction of $118,000.00.
• On Friday, May 8th, Frank Martell bought 50,000 shares of SmartRent stock. The shares were bought at an average price of $1.12 per share, for a total transaction of $56,000.00.

SmartRent Price Performance

Shares of SmartRent stock traded down $0.07 during trading on Friday, reaching $1.10. 1,637,631 shares of the company traded hands, compared to its average volume of 1,101,379. SmartRent, Inc. has a 1-year low of $0.85 and a 1-year high of $2.20. The company has a 50 day moving average price of $1.34 and a 200-day moving average price of $1.62. The firm has a market capitalization of $211.16 million, a PE ratio of -8.42 and a beta of 1.53.

SmartRent (NYSE:SMRT) last released its earnings results on Wednesday, May 6th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02). SmartRent had a negative net margin of 16.58% and a negative return on equity of 10.61%. The company had revenue of $36.63 million for the quarter, compared to the consensus estimate of $36.82 million. Equities research analysts expect that SmartRent, Inc. will post -0.1 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Neuberger Berman Group LLC acquired a new position in SmartRent during the fourth quarter worth $30,000. CTC Alternative Strategies Ltd. acquired a new position in SmartRent during the first quarter worth $26,000. Dean Jacobson Financial Services LLC acquired a new position in SmartRent during the fourth quarter worth $35,000. Kanen Wealth Management LLC acquired a new position in SmartRent during the third quarter worth $26,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in SmartRent during the fourth quarter worth $39,000. Institutional investors and hedge funds own 59.42% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on SMRT. Weiss Ratings downgraded shares of SmartRent from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, May 26th. Keefe, Bruyette & Woods lowered their price objective on shares of SmartRent from $2.00 to $1.40 and set a “market perform” rating on the stock in a report on Monday, May 18th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $1.40.

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.