SmartRent, Inc. (NYSE:SMRT) Stake Cut by XTX Topco Ltd

XTX Topco Ltd cut its position in shares of SmartRent, Inc. (NYSE:SMRT) by 37.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 106,947 shares of the company’s stock after selling 64,181 shares during the period. XTX Topco Ltd owned 0.06% of SmartRent worth $129,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. GSA Capital Partners LLP raised its stake in shares of SmartRent by 67.7% during the 1st quarter. GSA Capital Partners LLP now owns 615,558 shares of the company’s stock worth $745,000 after purchasing an additional 248,452 shares in the last quarter. Royce & Associates LP raised its stake in shares of SmartRent by 5.4% during the 1st quarter. Royce & Associates LP now owns 1,352,017 shares of the company’s stock worth $1,636,000 after purchasing an additional 68,692 shares in the last quarter. CWM LLC raised its stake in shares of SmartRent by 944.4% during the 1st quarter. CWM LLC now owns 37,746 shares of the company’s stock worth $46,000 after purchasing an additional 34,132 shares in the last quarter. Cerity Partners LLC purchased a new stake in shares of SmartRent during the 1st quarter worth about $50,000. Finally, Bank of New York Mellon Corp raised its stake in shares of SmartRent by 3.4% in the 1st quarter. Bank of New York Mellon Corp now owns 567,514 shares of the company’s stock valued at $687,000 after acquiring an additional 18,880 shares in the last quarter. 59.42% of the stock is owned by hedge funds and other institutional investors.

SmartRent Stock Performance

Shares of SMRT stock opened at $1.34 on Friday. The stock’s 50 day simple moving average is $1.03 and its 200 day simple moving average is $1.07. SmartRent, Inc. has a twelve month low of $0.67 and a twelve month high of $1.99. The company has a market capitalization of $251.07 million, a price-to-earnings ratio of -3.51 and a beta of 1.82.

SmartRent (NYSE:SMRT) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The business had revenue of $38.31 million during the quarter, compared to the consensus estimate of $38.85 million. SmartRent had a negative return on equity of 14.94% and a negative net margin of 46.54%. On average, analysts forecast that SmartRent, Inc. will post -0.14 EPS for the current fiscal year.

SmartRent declared that its Board of Directors has approved a stock buyback program on Wednesday, May 7th that allows the company to repurchase $50.00 million in outstanding 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 an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

SMRT has been the topic of a number of recent analyst reports. Cantor Fitzgerald raised SmartRent to a “hold” rating in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods raised their price objective on SmartRent from $1.30 to $1.45 and gave the company a “market perform” rating in a research note on Tuesday.

Insider Buying and Selling

In other SmartRent news, CEO Frank Martell purchased 150,000 shares of the company’s stock in a transaction on Friday, August 8th. The shares were bought at an average cost of $1.25 per share, with a total value of $187,500.00. Following the transaction, the chief executive officer directly owned 398,204 shares in the company, valued at approximately $497,755. This represents a 60.43% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders purchased 380,000 shares of company stock valued at $491,600. Insiders own 1.90% of the company’s stock.

SmartRent 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.