Orion Portfolio Solutions LLC Buys Shares of 22,368 SmartRent, Inc. (NYSE:SMRT)

Orion Portfolio Solutions LLC purchased a new position in shares of SmartRent, Inc. (NYSE:SMRT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 22,368 shares of the company’s stock, valued at approximately $39,000.

Other institutional investors also recently made changes to their positions in the company. State Street Corp increased its position in SmartRent by 0.4% during the 3rd quarter. State Street Corp now owns 4,206,322 shares of the company’s stock worth $7,277,000 after purchasing an additional 15,642 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of SmartRent by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,515,124 shares of the company’s stock worth $2,621,000 after purchasing an additional 27,662 shares during the last quarter. Royce & Associates LP grew its holdings in shares of SmartRent by 64.2% during the fourth quarter. Royce & Associates LP now owns 1,283,325 shares of the company’s stock worth $2,246,000 after buying an additional 501,890 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of SmartRent by 35.9% in the fourth quarter. JPMorgan Chase & Co. now owns 391,501 shares of the company’s stock valued at $685,000 after buying an additional 103,325 shares during the last quarter. Finally, Crossingbridge Advisors LLC acquired a new stake in SmartRent during the fourth quarter worth approximately $569,000. 59.42% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other SmartRent news, Director John C. Dorman bought 125,000 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were acquired at an average cost of $1.20 per share, with a total value of $150,000.00. Following the completion of the transaction, the director now owns 229,965 shares in the company, valued at $275,958. The trade was a 119.09 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Shane Paladin purchased 43,859 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was acquired at an average price of $1.14 per share, for a total transaction of $49,999.26. Following the purchase, the chief executive officer now owns 43,859 shares of the company’s stock, valued at approximately $49,999.26. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. 9.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

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

SmartRent Stock Performance

SMRT opened at $0.75 on Friday. SmartRent, Inc. has a 1 year low of $0.67 and a 1 year high of $2.98. The firm has a 50 day moving average price of $1.24 and a 200 day moving average price of $1.51. The company has a market cap of $144.98 million, a PE ratio of -5.79 and a beta of 1.83.

SmartRent (NYSE:SMRT) last announced its quarterly earnings results on Wednesday, March 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.04). The company had revenue of $35.37 million during the quarter, compared to analyst estimates of $37.78 million. SmartRent had a negative net margin of 12.77% and a negative return on equity of 6.08%. The firm’s revenue for the quarter was down 41.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.02) earnings per share. On average, sell-side analysts predict that SmartRent, Inc. will post -0.14 earnings per share for the current year.

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.