Land & Buildings Investment Management LLC Purchases 2,549,856 Shares of SmartRent, Inc. (NYSE:SMRT)

Land & Buildings Investment Management LLC boosted its stake in SmartRent, Inc. (NYSE:SMRT - Free Report) by 82.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,658,366 shares of the company's stock after purchasing an additional 2,549,856 shares during the quarter. SmartRent comprises about 3.2% of Land & Buildings Investment Management LLC's investment portfolio, making the stock its 16th largest holding. Land & Buildings Investment Management LLC owned about 2.80% of SmartRent worth $13,523,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Blue Door Asset Management LLC raised its holdings in SmartRent by 41.6% in the first quarter. Blue Door Asset Management LLC now owns 4,424,864 shares of the company's stock worth $11,859,000 after purchasing an additional 1,299,283 shares during the period. Long Pond Capital LP raised its stake in SmartRent by 26.1% during the 1st quarter. Long Pond Capital LP now owns 3,995,946 shares of the company's stock worth $10,709,000 after buying an additional 826,136 shares during the period. Dimensional Fund Advisors LP lifted its holdings in SmartRent by 16.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,248,368 shares of the company's stock worth $7,763,000 after acquiring an additional 468,619 shares in the last quarter. Vanguard Group Inc. lifted its holdings in SmartRent by 1.9% during the first quarter. Vanguard Group Inc. now owns 20,244,087 shares of the company's stock worth $54,254,000 after acquiring an additional 386,845 shares in the last quarter. Finally, First Eagle Investment Management LLC grew its stake in SmartRent by 38.5% in the first quarter. First Eagle Investment Management LLC now owns 1,389,680 shares of the company's stock valued at $3,724,000 after acquiring an additional 386,000 shares during the period. Institutional investors and hedge funds own 59.42% of the company's stock.

Insider Buying and Selling

In other news, CMO Robyn Young bought 14,793 shares of the stock in a transaction dated Friday, August 30th. The shares were bought 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 in the company, valued at $88,918.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other SmartRent news, CMO Robyn Young bought 14,793 shares of the stock in a transaction dated Friday, August 30th. The shares were bought at an average cost of $1.70 per share, with a total value of $25,148.10. Following the completion of the acquisition, the chief marketing officer now owns 52,305 shares of the company's stock, valued at $88,918.50. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Frank Martell purchased 75,000 shares of SmartRent stock in a transaction that occurred on Friday, September 6th. The shares were bought at an average cost of $1.63 per share, for a total transaction of $122,250.00. Following the transaction, the director now directly owns 150,000 shares of the company's stock, valued at $244,500. The disclosure for this purchase can be found here. 9.00% of the stock is owned by insiders.

SmartRent Trading Down 0.6 %

Shares of SmartRent stock traded down $0.01 during trading on Tuesday, hitting $1.71. 1,997,538 shares of the stock were exchanged, compared to its average volume of 1,491,534. The company has a fifty day moving average price of $1.81 and a 200-day moving average price of $2.24. The stock has a market capitalization of $345.13 million, a price-to-earnings ratio of -11.40 and a beta of 1.97. SmartRent, Inc. has a 1-year low of $1.35 and a 1-year high of $3.47.

SmartRent (NYSE:SMRT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.01). The business had revenue of $48.52 million for the quarter, compared to analyst estimates of $51.33 million. SmartRent had a negative return on equity of 5.68% and a negative net margin of 10.73%. SmartRent's quarterly revenue was down 9.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.05) EPS. Equities research analysts forecast that SmartRent, Inc. will post -0.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on SMRT shares. Keefe, Bruyette & Woods lowered SmartRent from an "outperform" rating to a "market perform" rating and dropped their price target for the stock from $3.50 to $2.00 in a research report on Thursday, August 8th. Cantor Fitzgerald cut shares of SmartRent from an "overweight" rating to a "neutral" rating and reduced their price target for the company from $4.00 to $2.00 in a 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. BTIG Research lowered shares of SmartRent from a "buy" rating to a "neutral" rating in a research note on Friday, August 2nd. Finally, DA Davidson downgraded SmartRent from a "buy" rating to a "neutral" rating and dropped their price target for the company from $3.25 to $2.00 in a research note on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $2.64.

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.