Wealth Enhancement Advisory Services LLC Takes Position in SmartRent, Inc. (NYSE:SMRT)

Wealth Enhancement Advisory Services LLC acquired a new stake in SmartRent, Inc. (NYSE:SMRT) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 17,131 shares of the company’s stock, valued at approximately $30,000.

Several other institutional investors and hedge funds have also made changes to their positions in SMRT. SG Americas Securities LLC lifted its stake in SmartRent by 250.1% during the third quarter. SG Americas Securities LLC now owns 90,247 shares of the company’s stock valued at $156,000 after purchasing an additional 64,471 shares during the last quarter. Algert Global LLC acquired a new stake in SmartRent during the second quarter valued at approximately $42,000. Clearline Capital LP acquired a new stake in SmartRent during the second quarter valued at approximately $603,000. Long Pond Capital LP lifted its stake in SmartRent by 133.1% during the second quarter. Long Pond Capital LP now owns 9,316,093 shares of the company’s stock valued at $22,265,000 after purchasing an additional 5,320,147 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in SmartRent by 12.5% during the second quarter. The Manufacturers Life Insurance Company now owns 76,918 shares of the company’s stock valued at $184,000 after purchasing an additional 8,532 shares during the last quarter. 59.42% of the stock is currently owned by institutional investors.

Insider Activity

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

SmartRent Trading Up 1.7 %

SmartRent stock opened at $1.50 on Thursday. The company has a market capitalization of $287.89 million, a P/E ratio of -11.50 and a beta of 1.96. The firm’s fifty day simple moving average is $1.69 and its 200-day simple moving average is $2.02. SmartRent, Inc. has a 1-year low of $1.17 and a 1-year high of $3.47.

SmartRent (NYSE:SMRT) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). The business had revenue of $40.50 million for the quarter, compared to the consensus estimate 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 for the quarter was down 30.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.04) EPS. On average, equities research analysts predict that SmartRent, Inc. will post -0.12 earnings per share for the current year.

Wall Street Analyst Weigh In

SMRT has been the subject of several research analyst reports. Colliers Securities downgraded shares of SmartRent from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 31st. Keefe, Bruyette & Woods downgraded shares of SmartRent from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $3.50 to $2.00 in a research report on Thursday, August 8th. Cantor Fitzgerald downgraded shares of SmartRent from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $4.00 to $2.00 in a research report on Thursday, August 8th. BTIG Research downgraded shares of SmartRent from a “buy” rating to a “neutral” rating in a research report on Friday, August 2nd. Finally, DA Davidson downgraded shares of SmartRent from a “buy” rating to a “neutral” rating and cut their target price for the stock from $3.25 to $2.00 in a research report on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $2.50.

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.