SmartRent, Inc. (NYSE:SMRT) Shares Bought by Clearline Capital LP

Clearline Capital LP boosted its holdings in shares of SmartRent, Inc. (NYSE:SMRT) by 788.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,242,696 shares of the company’s stock after purchasing an additional 1,990,285 shares during the period. Clearline Capital LP’s holdings in SmartRent were worth $3,880,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of SmartRent during the 3rd quarter valued at $30,000. Algert Global LLC acquired a new stake in shares of SmartRent during the second quarter worth $42,000. Paloma Partners Management Co purchased a new stake in shares of SmartRent during the third quarter valued at $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of SmartRent in the 3rd quarter valued at $65,000. Finally, Virtu Financial LLC purchased a new position in SmartRent in the 1st quarter worth about $84,000. 59.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SMRT shares. Cantor Fitzgerald lowered shares of SmartRent from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $4.00 to $2.00 in a research note on Thursday, August 8th. Keefe, Bruyette & Woods downgraded shares of SmartRent from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $3.50 to $2.00 in a research report on Thursday, August 8th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, SmartRent presently has an average rating of “Hold” and a consensus price target of $2.50.

SmartRent Trading Down 9.7 %

Shares of SmartRent stock opened at $1.77 on Monday. SmartRent, Inc. has a 1 year low of $1.17 and a 1 year high of $3.47. The company has a market cap of $340.85 million, a P/E ratio of -13.62 and a beta of 1.96. The stock has a 50-day moving average price of $1.67 and a 200 day moving average price of $1.95.

SmartRent (NYSE:SMRT) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). SmartRent had a negative return on equity of 6.08% and a negative net margin of 12.77%. The company had revenue of $40.50 million during the quarter, compared to analysts’ expectations of $45.94 million. During the same period last year, the company earned ($0.04) earnings per share. SmartRent’s revenue for the quarter was down 30.3% compared to the same quarter last year. On average, equities analysts forecast that SmartRent, Inc. will post -0.14 earnings per share for the current fiscal year.

Insider Buying and Selling at SmartRent

In other news, Director Frank Martell acquired 75,000 shares of SmartRent stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average price of $1.63 per share, with a total value of $122,250.00. Following the completion of the transaction, the director now owns 150,000 shares in the company, valued at approximately $244,500. This trade represents a 100.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders purchased 173,204 shares of company stock valued at $266,646 in the last quarter. Company insiders own 9.00% 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.