The Manufacturers Life Insurance Company Acquires 8,532 Shares of SmartRent, Inc. (NYSE:SMRT)

The Manufacturers Life Insurance Company boosted its holdings in shares of SmartRent, Inc. (NYSE:SMRT) by 12.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 76,918 shares of the company’s stock after buying an additional 8,532 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in SmartRent were worth $184,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of SmartRent by 12.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 396,786 shares of the company’s stock worth $1,063,000 after acquiring an additional 44,611 shares during the last quarter. First Eagle Investment Management LLC boosted its position in SmartRent by 38.5% during the first quarter. First Eagle Investment Management LLC now owns 1,389,680 shares of the company’s stock worth $3,724,000 after purchasing an additional 386,000 shares during the period. Vanguard Group Inc. increased its holdings 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 purchasing an additional 386,845 shares during the last quarter. Long Pond Capital LP raised its position in shares of SmartRent by 26.1% in the first quarter. Long Pond Capital LP now owns 3,995,946 shares of the company’s stock valued at $10,709,000 after purchasing an additional 826,136 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of SmartRent by 18.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 53,177 shares of the company’s stock worth $143,000 after buying an additional 8,169 shares during the last quarter. Institutional investors own 59.42% of the company’s stock.

Wall Street Analysts Forecast Growth

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

SmartRent Trading Up 1.2 %

Shares of SMRT stock opened at $1.75 on Friday. The stock has a market cap of $353.20 million, a P/E ratio of -11.67 and a beta of 1.97. SmartRent, Inc. has a 1 year low of $1.35 and a 1 year high of $3.47. The stock has a 50 day simple moving average of $1.68 and a 200 day simple moving average of $2.12.

SmartRent (NYSE:SMRT) last released 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). 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 the consensus estimate of $51.33 million. During the same quarter in the previous year, the company posted ($0.05) earnings per share. The business’s revenue was down 9.1% compared to the same quarter last year. Analysts forecast that SmartRent, Inc. will post -0.09 EPS for the current year.

Insider Buying and Selling at SmartRent

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

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.