Catalyst Funds Management Pty Ltd Makes New Investment in SmartRent, Inc. (NYSE:SMRT)

Catalyst Funds Management Pty Ltd acquired a new position in shares of SmartRent, Inc. (NYSE:SMRT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 28,000 shares of the company’s stock, valued at approximately $49,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Citigroup Inc. increased its holdings in shares of SmartRent by 27.2% in the 3rd quarter. Citigroup Inc. now owns 10,009,518 shares of the company’s stock valued at $17,316,000 after acquiring an additional 2,138,797 shares during the period. State Street Corp increased its holdings in shares of SmartRent by 0.4% in the 3rd quarter. State Street Corp now owns 4,206,322 shares of the company’s stock valued at $7,277,000 after acquiring an additional 15,642 shares during the period. Clearline Capital LP increased its holdings in shares of SmartRent by 788.5% in the 3rd quarter. Clearline Capital LP now owns 2,242,696 shares of the company’s stock valued at $3,880,000 after acquiring an additional 1,990,285 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of SmartRent by 1.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,515,124 shares of the company’s stock valued at $2,621,000 after acquiring an additional 27,662 shares during the period. Finally, Caprock Group LLC acquired a new position in shares of SmartRent in the 3rd quarter valued at $1,997,000. Institutional investors and hedge funds own 59.42% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Michael Shane Paladin bought 43,859 shares of the firm’s stock in a transaction on Thursday, March 13th. The shares were bought at an average cost of $1.14 per share, for a total transaction of $49,999.26. Following the transaction, the chief executive officer now owns 43,859 shares of the company’s stock, valued at approximately $49,999.26. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John C. Dorman bought 125,000 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were bought at an average price of $1.20 per share, for a total transaction of $150,000.00. Following the completion of the transaction, the director now directly owns 229,965 shares in the company, valued at approximately $275,958. This represents a 119.09 % increase in their position. The disclosure for this purchase can be found here. Insiders own 9.00% of the company’s stock.

SmartRent Price Performance

NYSE:SMRT opened at $1.19 on Monday. The firm’s fifty day moving average price is $1.45 and its 200 day moving average price is $1.61. SmartRent, Inc. has a 1-year low of $1.07 and a 1-year high of $2.98. The firm has a market cap of $228.35 million, a price-to-earnings ratio of -9.12 and a beta of 1.92.

SmartRent (NYSE:SMRT) last posted its quarterly earnings data on Wednesday, March 5th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.04). SmartRent had a negative net margin of 12.77% and a negative return on equity of 6.08%. The firm had revenue of $35.37 million during the quarter, compared to analysts’ expectations of $37.78 million. During the same quarter last year, the business earned ($0.02) earnings per share. The business’s quarterly revenue was down 41.3% on a year-over-year basis. As a group, analysts expect that SmartRent, Inc. will post -0.14 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods cut their target price on shares of SmartRent from $2.00 to $1.60 and set a “market perform” rating on the stock in a report on Thursday, March 6th. Five research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $2.40.

SmartRent Company 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.