Algert Global LLC Makes New $42,000 Investment in SmartRent, Inc. (NYSE:SMRT)

Algert Global LLC acquired a new position in SmartRent, Inc. (NYSE:SMRT) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 17,543 shares of the company’s stock, valued at approximately $42,000.

Several other hedge funds and other institutional investors have also bought and sold shares of SMRT. First Eagle Investment Management LLC raised its stake in shares of SmartRent by 38.5% in the first quarter. First Eagle Investment Management LLC now owns 1,389,680 shares of the company’s stock valued at $3,724,000 after buying an additional 386,000 shares during the period. Vanguard Group Inc. raised its stake in shares of SmartRent by 1.9% in the first quarter. Vanguard Group Inc. now owns 20,244,087 shares of the company’s stock valued at $54,254,000 after buying an additional 386,845 shares during the period. Long Pond Capital LP raised its stake in shares of SmartRent by 133.1% in the second quarter. Long Pond Capital LP now owns 9,316,093 shares of the company’s stock valued at $22,265,000 after buying an additional 5,320,147 shares during the period. Land & Buildings Investment Management LLC raised its stake in shares of SmartRent by 82.0% in the second 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 period. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of SmartRent by 12.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 396,786 shares of the company’s stock valued at $1,063,000 after buying an additional 44,611 shares during the period. Hedge funds and other institutional investors own 59.42% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insider Transactions at SmartRent

In other news, Director Frank Martell acquired 75,000 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was purchased at an average cost of $1.63 per share, for a total transaction of $122,250.00. Following the acquisition, the director now owns 150,000 shares of the company’s stock, valued at $244,500. This trade represents a 100.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Frank Martell acquired 75,000 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was purchased at an average cost of $1.63 per share, for a total transaction of $122,250.00. Following the acquisition, the director now owns 150,000 shares of the company’s stock, valued at $244,500. This trade represents a 100.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CMO Robyn Young acquired 14,793 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was purchased at an average price of $1.70 per share, with a total value of $25,148.10. Following the completion of the acquisition, the chief marketing officer now directly owns 52,305 shares in the company, valued at approximately $88,918.50. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 9.00% of the company’s stock.

SmartRent Stock Up 3.1 %

Shares of NYSE SMRT opened at $1.68 on Friday. The firm has a market capitalization of $340.02 million, a P/E ratio of -14.00 and a beta of 1.97. The stock’s 50-day simple moving average is $1.66 and its two-hundred day simple moving average is $2.15. SmartRent, Inc. has a twelve month low of $1.35 and a twelve month high of $3.47.

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

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.