GatePass Capital LLC Has $746,000 Holdings in SmartRent, Inc. $SMRT

GatePass Capital LLC increased its holdings in SmartRent, Inc. (NYSE:SMRT) by 280.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 529,022 shares of the company’s stock after buying an additional 390,000 shares during the period. GatePass Capital LLC owned 0.28% of SmartRent worth $746,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in SMRT. AQR Capital Management LLC raised its holdings in SmartRent by 245.9% in the 1st quarter. AQR Capital Management LLC now owns 973,783 shares of the company’s stock valued at $1,178,000 after acquiring an additional 692,268 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of SmartRent during the 1st quarter worth $69,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of SmartRent by 81.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 634,066 shares of the company’s stock worth $767,000 after purchasing an additional 285,478 shares during the period. Pallas Capital Advisors LLC raised its stake in SmartRent by 128.5% in the second quarter. Pallas Capital Advisors LLC now owns 30,788 shares of the company’s stock valued at $30,000 after purchasing an additional 17,312 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in SmartRent by 65.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 57,179 shares of the company’s stock worth $57,000 after purchasing an additional 22,582 shares during the period. Institutional investors and hedge funds own 59.42% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on SMRT. Wall Street Zen upgraded shares of SmartRent from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Zacks Research upgraded shares of SmartRent from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of SmartRent in a research report on Monday, December 29th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, SmartRent presently has an average rating of “Reduce” and an average target price of $1.45.

Insider Activity

In other news, CEO Frank Martell acquired 124,086 shares of the stock in a transaction dated Friday, December 5th. The stock was bought at an average price of $1.91 per share, with a total value of $237,004.26. Following the completion of the purchase, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas N. Bohjalian acquired 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was acquired at an average price of $1.68 per share, with a total value of $84,000.00. Following the acquisition, the director owned 350,000 shares in the company, valued at $588,000. The trade was a 16.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired 574,086 shares of company stock valued at $1,014,225 over the last quarter. Corporate insiders own 1.90% of the company’s stock.

SmartRent Trading Up 6.0%

SMRT stock opened at $1.85 on Friday. The firm has a 50-day moving average price of $1.82 and a 200-day moving average price of $1.50. SmartRent, Inc. has a 12 month low of $0.67 and a 12 month high of $2.20. The stock has a market capitalization of $349.07 million, a P/E ratio of -5.13 and a beta of 1.79.

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, topping analysts’ consensus estimates of ($0.06) by $0.03. The business had revenue of $36.20 million during the quarter, compared to analysts’ expectations of $36.27 million. SmartRent had a negative net margin of 45.45% and a negative return on equity of 15.10%. As a group, equities analysts predict that SmartRent, Inc. will post -0.14 EPS for the current fiscal year.

About SmartRent

SmartRent Inc is a technology company that develops smart home and smart building automation solutions for the residential rental housing industry. Its integrated hardware and software platform enables property managers and owners to remotely monitor, manage and control access, energy use and overall resident experience. The company’s product portfolio includes smart locks, thermostats, leak and flood sensors, door and window sensors, security cameras, and a centralized management dashboard that interfaces with leading property management systems.

SmartRent’s platform is designed to streamline operations for multifamily communities and single-family rental portfolios by automating routine tasks such as digital resident self-showings, remote lease turnovers, package management and preventative maintenance alerts.