SmartRent (NYSE:SMRT) Shares Gap Down to $3.02

Shares of SmartRent, Inc. (NYSE:SMRTGet Rating) gapped down prior to trading on Wednesday . The stock had previously closed at 3.02, but opened at 2.95. SmartRent shares last traded at 2.90, with a volume of 9,935 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have commented on SMRT. Morgan Stanley decreased their target price on SmartRent from $4.90 to $4.50 and set an “equal weight” rating for the company in a research note on Friday, August 12th. DA Davidson decreased their target price on SmartRent from $7.50 to $6.00 and set a “buy” rating for the company in a research note on Friday, August 12th. Compass Point began coverage on SmartRent in a research note on Wednesday, May 25th. They issued a “buy” rating and a $8.00 target price for the company. Cantor Fitzgerald decreased their target price on SmartRent from $6.00 to $5.25 in a research note on Friday, August 12th. Finally, The Goldman Sachs Group cut their price target on SmartRent to $6.00 in a report on Monday, August 15th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, SmartRent presently has a consensus rating of “Moderate Buy” and an average price target of 6.92.

SmartRent Price Performance

The stock has a fifty day moving average price of 4.32 and a two-hundred day moving average price of 4.86. The company has a market cap of $567.51 million, a P/E ratio of -4.16 and a beta of 1.74.

Insider Buying and Selling

In related news, major shareholder Bain Capital Venture Investors sold 250,000 shares of the business’s stock in a transaction that occurred on Thursday, June 30th. The stock was sold at an average price of 4.41, for a total transaction of 1,102,500.00. Following the sale, the insider now owns 21,722,649 shares of the company’s stock, valued at 95,796,882.09. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Robert T. Best bought 84,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 17th. The shares were purchased at an average price of 3.65 per share, with a total value of 306,600.00. Following the completion of the acquisition, the director now directly owns 4,905,222 shares in the company, valued at 17,904,060.30. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Bain Capital Venture Investors sold 250,000 shares of the business’s stock in a transaction that occurred on Thursday, June 30th. The stock was sold at an average price of 4.41, for a total value of 1,102,500.00. Following the sale, the insider now directly owns 21,722,649 shares in the company, valued at approximately 95,796,882.09. The disclosure for this sale can be found here. Insiders have sold a total of 1,480,727 shares of company stock valued at $7,301,428 over the last quarter. Corporate insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vulcan Value Partners LLC increased its holdings in shares of SmartRent by 45.0% in the fourth quarter. Vulcan Value Partners LLC now owns 9,052,926 shares of the company’s stock valued at $87,632,000 after buying an additional 2,810,288 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of SmartRent by 128.0% in the first quarter. Vanguard Group Inc. now owns 7,496,241 shares of the company’s stock valued at $37,931,000 after buying an additional 4,207,723 shares in the last quarter. Long Pond Capital LP increased its holdings in shares of SmartRent by 29.1% in the second quarter. Long Pond Capital LP now owns 7,443,720 shares of the company’s stock valued at $33,646,000 after buying an additional 1,678,028 shares in the last quarter. Luxor Capital Group LP increased its holdings in shares of SmartRent by 36.6% in the fourth quarter. Luxor Capital Group LP now owns 2,940,908 shares of the company’s stock valued at $28,468,000 after buying an additional 787,913 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of SmartRent by 794.8% in the second quarter. State Street Corp now owns 2,677,292 shares of the company’s stock valued at $12,101,000 after buying an additional 2,378,079 shares in the last quarter. Institutional investors own 72.74% of the company’s stock.

SmartRent Company Profile

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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.

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