Norges Bank Makes New Investment in SmartRent, Inc. (NYSE:SMRT)

Norges Bank bought a new stake in SmartRent, Inc. (NYSE:SMRT) in the fourth quarter, Holdings Channel.com reports. The firm bought 250,000 shares of the company’s stock, valued at approximately $438,000.

A number of other hedge funds have also modified their holdings of SMRT. Virtu Financial LLC acquired a new position in SmartRent during the third quarter worth about $26,000. Avior Wealth Management LLC purchased a new position in SmartRent in the 4th quarter worth approximately $31,000. Cibc World Markets Corp acquired a new position in shares of SmartRent during the 4th quarter worth approximately $31,000. SteelPeak Wealth LLC purchased a new stake in shares of SmartRent in the fourth quarter valued at approximately $34,000. Finally, Catalyst Funds Management Pty Ltd purchased a new stake in shares of SmartRent in the fourth quarter valued at approximately $49,000. 59.42% of the stock is currently owned by institutional investors and hedge funds.

SmartRent Price Performance

Shares of SMRT stock opened at $0.75 on Friday. The company has a market capitalization of $144.98 million, a PE ratio of -5.79 and a beta of 1.83. The firm’s 50-day moving average is $1.24 and its two-hundred day moving average is $1.51. SmartRent, Inc. has a 12 month low of $0.67 and a 12 month high of $2.98.

SmartRent (NYSE:SMRT) last released its quarterly earnings results on Wednesday, March 5th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $37.78 million. During the same period in the previous year, the firm posted ($0.02) EPS. The firm’s quarterly revenue was down 41.3% compared to the same quarter last year. Sell-side analysts forecast that SmartRent, Inc. will post -0.14 EPS for the current year.

Insider Buying and Selling at SmartRent

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

Analysts Set New Price Targets

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