Rhumbline Advisers Increases Stock Holdings in SmartRent, Inc. (NYSE:SMRT)

Rhumbline Advisers increased its holdings in SmartRent, Inc. (NYSE:SMRT) by 2.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 273,810 shares of the company’s stock after purchasing an additional 7,597 shares during the period. Rhumbline Advisers owned 0.14% of SmartRent worth $654,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. First Eagle Investment Management LLC boosted its holdings in 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 acquiring an additional 386,000 shares during the last quarter. Vanguard Group Inc. boosted its holdings in 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 acquiring an additional 386,845 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in 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 acquiring an additional 44,611 shares during the last quarter. Blue Door Asset Management LLC boosted its holdings in SmartRent by 0.5% in the fourth quarter. Blue Door Asset Management LLC now owns 3,125,581 shares of the company’s stock valued at $9,971,000 after acquiring an additional 16,150 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in SmartRent by 18.2% in 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. Hedge funds and other institutional investors own 59.42% of the company’s stock.

SmartRent Stock Performance

SmartRent stock opened at $1.71 on Wednesday. SmartRent, Inc. has a 52 week low of $1.35 and a 52 week high of $3.47. The firm has a market capitalization of $345.13 million, a PE ratio of -11.40 and a beta of 1.97. The business’s 50-day simple moving average is $1.81 and its 200-day simple moving average is $2.24.

SmartRent (NYSE:SMRT) last released its quarterly earnings data 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). SmartRent had a negative net margin of 10.73% and a negative return on equity of 5.68%. The company had revenue of $48.52 million for the quarter, compared to analyst estimates of $51.33 million. During the same period in the previous year, the firm posted ($0.05) earnings per share. The firm’s revenue for the quarter was down 9.1% compared to the same quarter last year. Research analysts forecast that SmartRent, Inc. will post -0.09 earnings per share for the current year.

Insider Buying and Selling at SmartRent

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on SMRT shares. DA Davidson cut SmartRent from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $3.25 to $2.00 in a research note on Wednesday, July 31st. Keefe, Bruyette & Woods lowered 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 report on Thursday, August 8th. Colliers Securities lowered SmartRent from a “buy” rating to a “neutral” rating in a report on Wednesday, July 31st. 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 report on Thursday, August 8th. Finally, BTIG Research downgraded SmartRent from a “buy” rating to a “neutral” rating in a research report on Friday, August 2nd. Six analysts have rated the stock with a hold rating, According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $2.64.

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.