Royce & Associates LP Has $1.35 Million Stock Holdings in SmartRent, Inc. (NYSE:SMRT)

Royce & Associates LP lowered its stake in SmartRent, Inc. (NYSE:SMRT) by 70.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 781,435 shares of the company’s stock after selling 1,830,530 shares during the period. Royce & Associates LP’s holdings in SmartRent were worth $1,352,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Long Pond Capital LP boosted its holdings in shares of SmartRent by 133.1% during the 2nd quarter. Long Pond Capital LP now owns 9,316,093 shares of the company’s stock valued at $22,265,000 after acquiring an additional 5,320,147 shares in the last quarter. Vanguard Group Inc. boosted its position in SmartRent by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 20,244,087 shares of the company’s stock worth $54,254,000 after buying an additional 386,845 shares during the period. Land & Buildings Investment Management LLC grew its holdings in SmartRent by 82.0% during the 2nd quarter. Land & Buildings Investment Management LLC now owns 5,658,366 shares of the company’s stock worth $13,523,000 after acquiring an additional 2,549,856 shares during the last quarter. Dimensional Fund Advisors LP increased its position in SmartRent by 16.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,248,368 shares of the company’s stock valued at $7,763,000 after acquiring an additional 468,619 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake 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 acquiring an additional 8,169 shares during the last quarter. Institutional investors own 59.42% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on SMRT shares. DA Davidson downgraded 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 report on Wednesday, July 31st. Colliers Securities downgraded SmartRent from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 31st. Cantor Fitzgerald cut SmartRent from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $4.00 to $2.00 in a report on Thursday, August 8th. Keefe, Bruyette & Woods downgraded shares of SmartRent from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $3.50 to $2.00 in a research report on Thursday, August 8th. Finally, BTIG Research downgraded shares of SmartRent from a “buy” rating to a “neutral” rating in a research report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $2.50.

Insider Transactions at SmartRent

In other SmartRent news, Director Frank Martell purchased 75,000 shares of the firm’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 owns 150,000 shares of the company’s stock, valued at $244,500. This trade represents a 100.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CMO Robyn Young acquired 14,793 shares of the company’s stock in a transaction on Friday, August 30th. The stock was acquired at an average cost of $1.70 per share, for a total transaction of $25,148.10. Following the completion of the purchase, the chief marketing officer now directly owns 52,305 shares of the company’s stock, valued at approximately $88,918.50. This represents a 39.44 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 187,997 shares of company stock valued at $291,794 in the last 90 days. 9.00% of the stock is currently owned by corporate insiders.

SmartRent Stock Performance

Shares of SMRT stock opened at $1.48 on Wednesday. SmartRent, Inc. has a fifty-two week low of $1.17 and a fifty-two week high of $3.47. The stock has a 50 day simple moving average of $1.67 and a two-hundred day simple moving average of $2.00. The company has a market cap of $284.04 million, a P/E ratio of -11.35 and a beta of 1.96.

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