SmartRent Target of Unusually Large Options Trading (NYSE:SMRT)

SmartRent, Inc. (NYSE:SMRT) was the recipient of unusually large options trading on Friday. Traders acquired 2,062 call options on the stock. This represents an increase of approximately 7,264% compared to the average volume of 28 call options.

SmartRent Stock Up 4.6 %

Shares of SMRT stock opened at $1.83 on Friday. The firm has a 50 day moving average of $1.89 and a 200-day moving average of $2.30. The company has a market cap of $370.37 million, a price-to-earnings ratio of -12.20 and a beta of 1.97. SmartRent has a 52 week low of $1.35 and a 52 week high of $3.47.

SmartRent (NYSE:SMRT) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). SmartRent had a negative return on equity of 5.68% and a negative net margin of 10.73%. The company had revenue of $48.52 million for the quarter, compared to the consensus estimate of $51.33 million. During the same period last year, the company earned ($0.05) EPS. SmartRent’s revenue for the quarter was down 9.1% compared to the same quarter last year. Analysts anticipate that SmartRent will post -0.09 earnings per share for the current year.

Insiders Place Their Bets

In other SmartRent news, Director Frank Martell acquired 75,000 shares of the company’s stock in a transaction on Friday, September 6th. The stock was acquired at an average price of $1.63 per share, for a total transaction of $122,250.00. Following the purchase, the director now directly owns 150,000 shares of the company’s stock, valued at $244,500. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Frank Martell acquired 75,000 shares of the stock in a transaction on Friday, September 6th. The shares were purchased at an average price of $1.63 per share, for a total transaction of $122,250.00. Following the purchase, the director now directly owns 150,000 shares in the company, valued at $244,500. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CMO Robyn Young purchased 14,793 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was bought at an average price of $1.70 per share, for a total transaction of $25,148.10. Following the transaction, the chief marketing officer now directly owns 52,305 shares of the company’s stock, valued at approximately $88,918.50. The disclosure for this purchase can be found here. Company insiders own 9.00% of the company’s stock.

Hedge Funds Weigh In On SmartRent

Hedge funds have recently added to or reduced their stakes in the stock. Long Pond Capital LP grew its stake in shares of SmartRent by 133.1% in the 2nd quarter. Long Pond Capital LP now owns 9,316,093 shares of the company’s stock worth $22,265,000 after acquiring an additional 5,320,147 shares in the last quarter. Land & Buildings Investment Management LLC increased its stake in SmartRent by 82.0% in the 2nd quarter. Land & Buildings Investment Management LLC now owns 5,658,366 shares of the company’s stock valued at $13,523,000 after buying an additional 2,549,856 shares during the last quarter. Blue Door Asset Management LLC lifted its position in shares of SmartRent by 41.6% during the 1st quarter. Blue Door Asset Management LLC now owns 4,424,864 shares of the company’s stock worth $11,859,000 after buying an additional 1,299,283 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of SmartRent by 16.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,248,368 shares of the company’s stock worth $7,763,000 after buying an additional 468,619 shares during the last quarter. Finally, First Eagle Investment Management LLC grew its holdings in shares of SmartRent by 67.2% in the fourth quarter. First Eagle Investment Management LLC now owns 1,003,680 shares of the company’s stock valued at $3,202,000 after acquiring an additional 403,449 shares in the last quarter. Institutional investors and hedge funds own 59.42% of the company’s stock.

Wall Street Analysts Forecast Growth

SMRT has been the subject of several research reports. Colliers Securities downgraded shares of SmartRent from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 31st. BTIG Research downgraded SmartRent from a “buy” rating to a “neutral” rating in a report on Friday, August 2nd. DA Davidson cut SmartRent from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $3.25 to $2.00 in a report on Wednesday, July 31st. Cantor Fitzgerald lowered SmartRent from an “overweight” rating to a “neutral” rating and cut their price target for the company from $4.00 to $2.00 in a research note on Thursday, August 8th. Finally, Keefe, Bruyette & Woods downgraded SmartRent from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $3.50 to $2.00 in a research note on Thursday, August 8th. Six analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $2.64.

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.