SmartRent, Inc. (NYSE:SMRT) Shares Bought by Millennium Management LLC

Millennium Management LLC increased its holdings in SmartRent, Inc. (NYSE:SMRT) by 82.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 908,769 shares of the company’s stock after purchasing an additional 410,666 shares during the quarter. Millennium Management LLC owned 0.47% of SmartRent worth $1,590,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of SMRT. Dynamic Technology Lab Private Ltd acquired a new position in shares of SmartRent during the fourth quarter valued at approximately $27,000. Cibc World Markets Corp acquired a new position in shares of SmartRent during the fourth quarter valued at approximately $31,000. Orion Portfolio Solutions LLC acquired a new position in shares of SmartRent during the fourth quarter valued at approximately $39,000. BNP Paribas Financial Markets acquired a new position in shares of SmartRent during the fourth quarter valued at approximately $46,000. Finally, Catalyst Funds Management Pty Ltd acquired a new position in shares of SmartRent during the fourth quarter valued at approximately $49,000. Institutional investors and hedge funds own 59.42% of the company’s stock.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on SMRT shares. Keefe, Bruyette & Woods cut their price target on SmartRent from $1.60 to $1.30 and set a “market perform” rating for the company in a report on Thursday, May 8th. Cantor Fitzgerald raised SmartRent to a “hold” rating in a report on Tuesday, April 22nd. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, SmartRent has a consensus rating of “Hold” and a consensus target price of $1.77.

SmartRent Price Performance

SmartRent stock opened at $0.89 on Wednesday. SmartRent, Inc. has a 1-year low of $0.67 and a 1-year high of $2.56. The stock has a market cap of $168.36 million, a PE ratio of -6.88 and a beta of 1.86. The stock’s fifty day moving average is $0.90 and its two-hundred day moving average is $1.30.

SmartRent (NYSE:SMRT) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). SmartRent had a negative net margin of 12.77% and a negative return on equity of 6.08%. The business had revenue of $41.34 million during the quarter, compared to analyst estimates of $40.10 million. On average, research analysts expect that SmartRent, Inc. will post -0.14 earnings per share for the current fiscal year.

SmartRent announced that its Board of Directors has approved a share repurchase plan on Wednesday, May 7th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 27.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are 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.