SmartRent (NYSE:SMRT) Board Approves Share Buyback Plan

SmartRent (NYSE:SMRT) declared that its board has approved a share repurchase program on Wednesday, May 7th, RTT News reports. The company plans to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 27.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

SmartRent Stock Performance

SMRT opened at $0.94 on Thursday. The business’s 50-day simple moving average is $1.04 and its 200-day simple moving average is $1.41. The company has a market cap of $180.41 million, a P/E ratio of -7.21 and a beta of 1.86. SmartRent has a one year low of $0.67 and a one year high of $2.98.

SmartRent (NYSE:SMRT) last announced its earnings results on Wednesday, March 5th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.04). SmartRent had a negative net margin of 12.77% and a negative return on equity of 6.08%. The company had revenue of $35.37 million during the quarter, compared to analysts’ expectations of $37.78 million. During the same quarter last year, the business posted ($0.02) earnings per share. The company’s revenue for the quarter was down 41.3% compared to the same quarter last year. As a group, analysts predict that SmartRent will post -0.14 earnings per share for the current fiscal year.

Analyst Ratings Changes

SMRT has been the topic of several research analyst reports. Cantor Fitzgerald upgraded SmartRent to a “hold” rating in a report on Tuesday, April 22nd. Keefe, Bruyette & Woods cut their target price on shares of SmartRent from $2.00 to $1.60 and set a “market perform” rating on the stock in a research note on Thursday, March 6th. Five research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $2.40.

Insiders Place Their Bets

In other SmartRent news, Director John C. Dorman purchased 125,000 shares of the business’s stock in a transaction on Monday, March 10th. The stock was bought at an average cost of $1.20 per share, for a total transaction of $150,000.00. Following the acquisition, the director now owns 229,965 shares of the company’s stock, valued at approximately $275,958. The trade was a 119.09 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Shane Paladin acquired 43,859 shares of the stock in a transaction dated Thursday, March 13th. The stock was acquired at an average cost of $1.14 per share, with a total value of $49,999.26. Following the transaction, the chief executive officer now owns 43,859 shares of the company’s stock, valued at approximately $49,999.26. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.90% of the stock is currently owned by company insiders.

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.