Blue Door Asset Management LLC Reduces Position in SmartRent, Inc. $SMRT

Blue Door Asset Management LLC reduced its position in SmartRent, Inc. (NYSE:SMRT) by 16.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,811,643 shares of the company’s stock after selling 951,653 shares during the quarter. SmartRent accounts for approximately 2.5% of Blue Door Asset Management LLC’s holdings, making the stock its 13th biggest holding. Blue Door Asset Management LLC owned approximately 2.56% of SmartRent worth $4,764,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC bought a new position in shares of SmartRent during the second quarter valued at approximately $27,000. Pallas Capital Advisors LLC boosted its holdings in SmartRent by 128.5% during the 2nd quarter. Pallas Capital Advisors LLC now owns 30,788 shares of the company’s stock valued at $30,000 after acquiring an additional 17,312 shares during the period. Jump Financial LLC purchased a new position in SmartRent during the 2nd quarter valued at $42,000. Qube Research & Technologies Ltd bought a new position in SmartRent in the 2nd quarter valued at $43,000. Finally, Catalyst Funds Management Pty Ltd increased its stake in SmartRent by 232.5% in the second quarter. Catalyst Funds Management Pty Ltd now owns 51,300 shares of the company’s stock worth $51,000 after purchasing an additional 35,872 shares during the period. Institutional investors own 59.42% of the company’s stock.

SmartRent Stock Performance

NYSE:SMRT opened at $2.01 on Thursday. The firm has a 50-day simple moving average of $1.53 and a 200-day simple moving average of $1.30. SmartRent, Inc. has a one year low of $0.67 and a one year high of $2.14. The firm has a market cap of $379.35 million, a P/E ratio of -5.57 and a beta of 1.82.

SmartRent (NYSE:SMRT) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. The firm had revenue of $36.20 million for the quarter, compared to the consensus estimate of $36.27 million. SmartRent had a negative net margin of 45.45% and a negative return on equity of 15.10%. On average, research analysts predict that SmartRent, Inc. will post -0.14 EPS for the current fiscal year.

Analyst Ratings Changes

SMRT has been the subject of a number of recent analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of SmartRent in a research note on Monday, December 1st. Wall Street Zen raised shares of SmartRent from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Zacks Research raised shares of SmartRent from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $1.45.

Insiders Place Their Bets

In related news, Director Thomas N. Bohjalian acquired 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were bought at an average price of $1.68 per share, with a total value of $84,000.00. Following the completion of the transaction, the director directly owned 350,000 shares in the company, valued at $588,000. This trade represents a 16.67% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Frank Martell bought 124,086 shares of SmartRent stock in a transaction on Friday, December 5th. The stock was purchased at an average price of $1.91 per share, with a total value of $237,004.26. Following the completion of the acquisition, the chief executive officer directly owned 1,447,290 shares of the company’s stock, valued at $2,764,323.90. This represents a 9.38% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 599,086 shares of company stock worth $1,007,780 over the last quarter. Company insiders own 1.90% of the company’s stock.

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.