Citigroup Inc. Boosts Stock Position in SmartRent, Inc. (NYSE:SMRT)

Citigroup Inc. lifted its stake in SmartRent, Inc. (NYSE:SMRT) by 27.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 10,009,518 shares of the company’s stock after purchasing an additional 2,138,797 shares during the quarter. Citigroup Inc. owned about 0.05% of SmartRent worth $17,316,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of SmartRent in the 3rd quarter valued at approximately $30,000. Algert Global LLC acquired a new position in SmartRent in the second quarter valued at approximately $42,000. Virtu Financial LLC purchased a new position in SmartRent in the first quarter worth approximately $84,000. Intech Investment Management LLC acquired a new stake in SmartRent during the third quarter worth $106,000. Finally, Price T Rowe Associates Inc. MD raised its position in SmartRent by 18.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 53,177 shares of the company’s stock valued at $143,000 after purchasing an additional 8,169 shares during the period. Hedge funds and other institutional investors own 59.42% of the company’s stock.

Insider Buying and Selling at SmartRent

In other news, Director Frank Martell bought 48,204 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was purchased at an average price of $1.45 per share, for a total transaction of $69,895.80. Following the completion of the purchase, the director now owns 248,204 shares in the company, valued at approximately $359,895.80. This trade represents a 24.10 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Robyn Young purchased 14,793 shares of the business’s stock in a transaction on Friday, August 30th. The stock was acquired at an average price of $1.70 per share, for a total transaction of $25,148.10. Following the completion of the purchase, the chief marketing officer now owns 52,305 shares of the company’s stock, valued at $88,918.50. This represents a 39.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 187,997 shares of company stock valued at $291,794 in the last quarter. Corporate insiders own 9.00% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on SMRT. BTIG Research downgraded SmartRent from a “buy” rating to a “neutral” rating in a research report on Friday, August 2nd. Keefe, Bruyette & Woods cut shares of SmartRent from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $3.50 to $2.00 in a research report on Thursday, August 8th. Colliers Securities lowered shares of SmartRent from a “buy” rating to a “neutral” rating in a report on Wednesday, July 31st. DA Davidson downgraded shares of SmartRent from a “buy” rating to a “neutral” rating and dropped their target price for the company from $3.25 to $2.00 in a report on Wednesday, July 31st. Finally, Cantor Fitzgerald lowered SmartRent from an “overweight” rating to a “neutral” rating and cut their target price for the company from $4.00 to $2.00 in a research report on Thursday, August 8th. Five investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $2.50.

SmartRent Stock Performance

Shares of SMRT stock opened at $1.96 on Thursday. SmartRent, Inc. has a fifty-two week low of $1.17 and a fifty-two week high of $3.47. The company has a 50 day moving average price of $1.66 and a 200 day moving average price of $1.96. The stock has a market capitalization of $376.47 million, a P/E ratio of -15.04 and a beta of 1.96.

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

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.