Punch & Associates Investment Management Inc. Takes $3.85 Million Position in SmartRent, Inc. $SMRT

Punch & Associates Investment Management Inc. bought a new stake in shares of SmartRent, Inc. (NYSE:SMRT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,907,285 shares of the company’s stock, valued at approximately $3,853,000. Punch & Associates Investment Management Inc. owned about 1.01% of SmartRent at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. LPL Financial LLC grew its holdings in shares of SmartRent by 60.9% during the fourth quarter. LPL Financial LLC now owns 37,000 shares of the company’s stock valued at $75,000 after purchasing an additional 14,000 shares during the last quarter. Neuberger Berman Group LLC bought a new position in SmartRent in the 4th quarter worth approximately $30,000. Squarepoint Ops LLC grew its holdings in SmartRent by 111.3% in the 4th quarter. Squarepoint Ops LLC now owns 31,774 shares of the company’s stock worth $64,000 after buying an additional 16,734 shares in the last quarter. Dean Jacobson Financial Services LLC bought a new position in SmartRent in the 4th quarter worth approximately $35,000. Finally, Kanen Wealth Management LLC bought a new position in SmartRent in the 3rd quarter worth approximately $26,000. 59.42% of the stock is owned by institutional investors.

Analyst Ratings Changes

SMRT has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods decreased their price objective on SmartRent from $2.00 to $1.40 and set a “market perform” rating for the company in a report on Monday, May 18th. Weiss Ratings raised SmartRent from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $1.40.

SmartRent Price Performance

Shares of SMRT stock opened at $1.09 on Wednesday. SmartRent, Inc. has a 12-month low of $0.87 and a 12-month high of $2.20. The firm has a market capitalization of $209.23 million, a price-to-earnings ratio of -8.35 and a beta of 1.53. The business has a 50 day simple moving average of $1.28 and a 200 day simple moving average of $1.60.

SmartRent (NYSE:SMRT) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.02). The business had revenue of $36.63 million during the quarter, compared to analyst estimates of $36.82 million. SmartRent had a negative return on equity of 10.61% and a negative net margin of 16.58%. On average, equities analysts anticipate that SmartRent, Inc. will post -0.1 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Frank Martell bought 40,260 shares of the business’s stock in a transaction on Friday, June 5th. The stock was purchased at an average cost of $1.13 per share, for a total transaction of $45,493.80. Following the completion of the transaction, the chief executive officer directly owned 3,225,526 shares of the company’s stock, valued at approximately $3,644,844.38. This trade represents a 1.26% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas N. Bohjalian bought 75,000 shares of the business’s stock in a transaction on Wednesday, June 10th. The stock was purchased at an average price of $1.11 per share, with a total value of $83,250.00. Following the completion of the transaction, the director directly owned 721,062 shares of the company’s stock, valued at $800,378.82. This trade represents a 11.61% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired 295,260 shares of company stock valued at $339,044 over the last 90 days. 2.30% of the stock is currently owned by insiders.

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.