MetLife Investment Management LLC Buys 14,879 Shares of SmartRent, Inc. (NYSE:SMRT)

MetLife Investment Management LLC increased its stake in shares of SmartRent, Inc. (NYSE:SMRT) by 20.6% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 87,149 shares of the company’s stock after purchasing an additional 14,879 shares during the period. MetLife Investment Management LLC’s holdings in SmartRent were worth $153,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Virtu Financial LLC purchased a new stake in shares of SmartRent in the 3rd quarter valued at about $26,000. Dynamic Technology Lab Private Ltd purchased a new stake in SmartRent in the fourth quarter valued at approximately $27,000. Cibc World Markets Corp bought a new stake in SmartRent during the fourth quarter valued at approximately $31,000. Avior Wealth Management LLC purchased a new position in SmartRent in the 4th quarter worth approximately $31,000. Finally, SteelPeak Wealth LLC bought a new position in shares of SmartRent in the 4th quarter worth $34,000. Institutional investors own 59.42% of the company’s stock.

Insider Buying and Selling

In other SmartRent news, Director John C. Dorman acquired 125,000 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were purchased at an average cost of $1.20 per share, for a total transaction of $150,000.00. Following the transaction, the director now owns 229,965 shares in the company, valued at $275,958. This represents a 119.09 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Shane Paladin acquired 43,859 shares of SmartRent 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 completion of the transaction, the chief executive officer now owns 43,859 shares in the company, valued at approximately $49,999.26. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. 1.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

SMRT has been the subject of several research reports. Cantor Fitzgerald upgraded shares of SmartRent to a “hold” rating in a research report on Tuesday, April 22nd. Keefe, Bruyette & Woods cut their price objective on SmartRent from $1.60 to $1.30 and set a “market perform” rating for the company in a report on Thursday. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $2.33.

SmartRent Stock Performance

Shares of SmartRent stock opened at $0.88 on Friday. SmartRent, Inc. has a 52-week low of $0.67 and a 52-week high of $2.98. The company has a fifty day moving average of $1.03 and a 200-day moving average of $1.41. The stock has a market capitalization of $169.63 million, a price-to-earnings ratio of -6.78 and a beta of 1.86.

SmartRent (NYSE:SMRT) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). The company had revenue of $41.34 million for the quarter, compared to the consensus estimate of $40.10 million. SmartRent had a negative net margin of 12.77% and a negative return on equity of 6.08%. On average, equities research analysts forecast that SmartRent, Inc. will post -0.14 earnings per share for the current fiscal year.

SmartRent announced that its board has authorized a share buyback program on Wednesday, May 7th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 27.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

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.