John C. Dorman Purchases 125,000 Shares of SmartRent, Inc. (NYSE:SMRT) Stock

SmartRent, Inc. (NYSE:SMRT) Director John C. Dorman purchased 125,000 shares of the business’s stock in a transaction on Monday, March 10th. The stock was purchased at an average cost of $1.20 per share, with a total value of $150,000.00. Following the acquisition, the director now owns 229,965 shares in the company, valued at approximately $275,958. This represents a 119.09 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

SmartRent Stock Down 2.2 %

SMRT opened at $1.14 on Wednesday. SmartRent, Inc. has a 12-month low of $1.09 and a 12-month high of $2.98. The stock has a market cap of $218.72 million, a price-to-earnings ratio of -8.73 and a beta of 1.92. The business has a 50 day moving average of $1.48 and a 200-day moving average of $1.62.

SmartRent (NYSE:SMRT) last released its quarterly earnings results on Wednesday, March 5th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.04). SmartRent had a negative net margin of 12.77% and a negative return on equity of 6.08%. The business had revenue of $35.37 million during the quarter, compared to analyst estimates of $37.78 million. During the same quarter in the previous year, the firm posted ($0.02) earnings per share. The firm’s quarterly revenue was down 41.3% on a year-over-year basis. As a group, analysts expect that SmartRent, Inc. will post -0.14 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods reduced their target price on shares of SmartRent from $2.00 to $1.60 and set a “market perform” rating on the stock in a research report on Thursday, March 6th. Five analysts have rated the stock with a hold rating, According to data from MarketBeat, SmartRent has a consensus rating of “Hold” and an average target price of $2.40.

Hedge Funds Weigh In On SmartRent

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Citigroup Inc. increased its position in SmartRent by 27.2% in the 3rd quarter. Citigroup Inc. now owns 10,009,518 shares of the company’s stock valued at $17,316,000 after acquiring an additional 2,138,797 shares during the period. Jane Street Group LLC raised its position in shares of SmartRent by 21.9% during the third quarter. Jane Street Group LLC now owns 310,672 shares of the company’s stock worth $537,000 after purchasing an additional 55,809 shares during the period. Barclays PLC raised its position in shares of SmartRent by 317.1% during the third quarter. Barclays PLC now owns 292,017 shares of the company’s stock worth $504,000 after purchasing an additional 221,998 shares during the period. Caprock Group LLC purchased a new position in shares of SmartRent during the third quarter valued at approximately $1,997,000. Finally, JPMorgan Chase & Co. boosted its position in shares of SmartRent by 250.0% during the third quarter. JPMorgan Chase & Co. now owns 288,176 shares of the company’s stock valued at $499,000 after buying an additional 205,843 shares during the last quarter. Institutional investors own 59.42% of the company’s stock.

About SmartRent

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.