Verition Fund Management LLC Boosts Stock Holdings in SmartRent, Inc. (NYSE:SMRT)

Verition Fund Management LLC increased its position in SmartRent, Inc. (NYSE:SMRT) by 63.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 62,703 shares of the company’s stock after acquiring an additional 24,275 shares during the period. Verition Fund Management LLC’s holdings in SmartRent were worth $108,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Rhumbline Advisers raised its position in SmartRent by 2.9% in the 2nd quarter. Rhumbline Advisers now owns 273,810 shares of the company’s stock worth $654,000 after buying an additional 7,597 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of SmartRent by 18.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 53,177 shares of the company’s stock valued at $143,000 after purchasing an additional 8,169 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of SmartRent by 12.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 76,918 shares of the company’s stock valued at $184,000 after buying an additional 8,532 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in SmartRent in the third quarter valued at about $30,000. Finally, Algert Global LLC purchased a new position in shares of SmartRent in the second quarter worth approximately $42,000. 59.42% of the stock is currently owned by hedge funds and other institutional investors.

SmartRent Price Performance

Shares of SMRT stock opened at $1.81 on Tuesday. The firm has a fifty day moving average price of $1.69 and a 200-day moving average price of $1.89. SmartRent, Inc. has a 1 year low of $1.17 and a 1 year high of $3.47. The company has a market cap of $348.55 million, a price-to-earnings ratio of -13.92 and a beta of 1.96.

SmartRent (NYSE:SMRT) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.03). SmartRent had a negative net margin of 12.77% and a negative return on equity of 6.08%. The firm had revenue of $40.50 million for the quarter, compared to the consensus estimate of $45.94 million. During the same quarter in the previous year, the business earned ($0.04) earnings per share. The firm’s revenue for the quarter was down 30.3% on a year-over-year basis. Equities research analysts expect that SmartRent, Inc. will post -0.14 EPS for the current year.

Insider Activity

In related news, Director Frank Martell purchased 50,000 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were acquired at an average price of $1.49 per share, for a total transaction of $74,500.00. Following the purchase, the director now directly owns 200,000 shares in the company, valued at $298,000. This trade represents a 33.33 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 9.00% 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.