SmartRent, Inc. (NYSE:SMRT) Shares Acquired by Jane Street Group LLC

Jane Street Group LLC increased its holdings in SmartRent, Inc. (NYSE:SMRT) by 30.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 406,132 shares of the company’s stock after acquiring an additional 95,460 shares during the quarter. Jane Street Group LLC owned approximately 0.21% of SmartRent worth $711,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. Dynamic Technology Lab Private Ltd acquired a new stake in SmartRent during the fourth quarter valued at approximately $27,000. Avior Wealth Management LLC acquired a new stake in SmartRent during the fourth quarter valued at approximately $31,000. Cibc World Markets Corp acquired a new stake in SmartRent during the fourth quarter valued at approximately $31,000. SteelPeak Wealth LLC acquired a new stake in SmartRent during the fourth quarter valued at approximately $34,000. Finally, Orion Portfolio Solutions LLC acquired a new stake in SmartRent during the fourth quarter valued at approximately $39,000. Institutional investors and hedge funds own 59.42% of the company’s stock.

Insider Activity

In other SmartRent news, CEO Michael Shane Paladin acquired 43,859 shares of the firm’s stock in a transaction that occurred on 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 acquisition, the chief executive officer now directly owns 43,859 shares of the company’s stock, valued at $49,999.26. This represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John C. Dorman acquired 125,000 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The stock was acquired at an average cost of $1.20 per share, with a total value of $150,000.00. Following the completion of the acquisition, the director now directly owns 229,965 shares in the company, valued at approximately $275,958. This represents a 119.09% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SMRT. Cantor Fitzgerald upgraded SmartRent to a “hold” rating in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods cut their price objective on SmartRent from $1.60 to $1.30 and set a “market perform” rating on the stock in a research note on Thursday, May 8th. Five research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $2.33.

SmartRent Trading Down 2.9%

NYSE:SMRT opened at $0.79 on Monday. The firm has a market capitalization of $148.77 million, a PE ratio of -6.08 and a beta of 1.86. The stock has a 50 day moving average of $0.95 and a 200-day moving average of $1.33. SmartRent, Inc. has a 52 week low of $0.67 and a 52 week high of $2.61.

SmartRent (NYSE:SMRT) last posted its earnings results on Wednesday, May 7th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.03). The company had revenue of $41.34 million for the quarter, compared to the consensus estimate of $40.10 million. SmartRent had a negative net margin of 12.77% and a negative return on equity of 6.08%. As a group, analysts predict that SmartRent, Inc. will post -0.14 EPS for the current fiscal year.

SmartRent declared that its Board of Directors has initiated a share repurchase program on Wednesday, May 7th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to repurchase up to 27.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.