Charles Schwab Investment Management Inc. Sells 147,447 Shares of SmartRent, Inc. (NYSE:SMRT)

Charles Schwab Investment Management Inc. lowered its stake in SmartRent, Inc. (NYSE:SMRT) by 9.7% during the 4th quarter, HoldingsChannel.com reports. The fund owned 1,367,677 shares of the company’s stock after selling 147,447 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in SmartRent were worth $2,393,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in SMRT. Virtu Financial LLC purchased a new stake in shares of SmartRent in the 3rd quarter worth about $26,000. Avior Wealth Management LLC purchased a new position in shares of SmartRent during the fourth quarter valued at about $31,000. SteelPeak Wealth LLC bought a new position in SmartRent in the fourth quarter worth about $34,000. Paloma Partners Management Co purchased a new stake in SmartRent in the third quarter worth about $47,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in SmartRent during the 3rd quarter valued at approximately $65,000. 59.42% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other SmartRent news, Director John C. Dorman bought 125,000 shares of the business’s stock in a transaction on Monday, March 10th. The shares were acquired at an average cost of $1.20 per share, for a total transaction of $150,000.00. Following the purchase, the director now owns 229,965 shares in the company, valued at approximately $275,958. This trade represents a 119.09 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Shane Paladin purchased 43,859 shares of the firm’s stock in a transaction dated Thursday, March 13th. The stock was acquired at an average price of $1.14 per share, with a total value of $49,999.26. Following the purchase, the chief executive officer now directly owns 43,859 shares of the company’s stock, valued at approximately $49,999.26. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 9.00% of the company’s stock.

Wall Street Analyst Weigh In

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

SmartRent Price Performance

NYSE:SMRT opened at $1.13 on Friday. The firm has a market capitalization of $216.79 million, a P/E ratio of -8.65 and a beta of 1.92. SmartRent, Inc. has a one year low of $1.07 and a one year high of $2.98. The company’s 50-day simple moving average is $1.35 and its 200 day simple moving average is $1.57.

SmartRent (NYSE:SMRT) last issued its quarterly earnings results on Wednesday, March 5th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.04). SmartRent had a negative return on equity of 6.08% and a negative net margin of 12.77%. The company had revenue of $35.37 million during the quarter, compared to the consensus estimate of $37.78 million. During the same period in the prior year, the firm earned ($0.02) earnings per share. The business’s revenue for the quarter was down 41.3% compared to the same quarter last year. On average, equities research analysts expect that SmartRent, Inc. will post -0.14 earnings per share for the current fiscal year.

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.