Long Pond Capital LP Increases Stake in SmartRent, Inc. (NYSE:SMRT)

Long Pond Capital LP raised its stake in shares of SmartRent, Inc. (NYSE:SMRT - Free Report) by 133.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,316,093 shares of the company's stock after purchasing an additional 5,320,147 shares during the quarter. SmartRent comprises 1.2% of Long Pond Capital LP's holdings, making the stock its 24th biggest position. Long Pond Capital LP owned approximately 4.62% of SmartRent worth $22,265,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SMRT. First Eagle Investment Management LLC raised its stake in SmartRent by 38.5% in the 1st quarter. First Eagle Investment Management LLC now owns 1,389,680 shares of the company's stock valued at $3,724,000 after purchasing an additional 386,000 shares during the last quarter. Vanguard Group Inc. raised its position in SmartRent by 1.9% in the first quarter. Vanguard Group Inc. now owns 20,244,087 shares of the company's stock valued at $54,254,000 after purchasing an additional 386,845 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in SmartRent by 12.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 396,786 shares of the company's stock valued at $1,063,000 after acquiring an additional 44,611 shares during the period. Land & Buildings Investment Management LLC grew its holdings in shares of SmartRent by 82.0% in the second quarter. Land & Buildings Investment Management LLC now owns 5,658,366 shares of the company's stock valued at $13,523,000 after purchasing an additional 2,549,856 shares in the last quarter. Finally, Blue Door Asset Management LLC increased its position in shares of SmartRent by 0.5% during the fourth quarter. Blue Door Asset Management LLC now owns 3,125,581 shares of the company's stock worth $9,971,000 after acquiring an additional 16,150 shares during the period. Hedge funds and other institutional investors own 59.42% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on SMRT shares. BTIG Research downgraded SmartRent from a "buy" rating to a "neutral" rating in a report on Friday, August 2nd. Colliers Securities downgraded shares of SmartRent from a "buy" rating to a "neutral" rating in a research report on Wednesday, July 31st. DA Davidson downgraded shares of SmartRent from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $3.25 to $2.00 in a research report on Wednesday, July 31st. Cantor Fitzgerald downgraded shares of SmartRent from an "overweight" rating to a "neutral" rating and cut their price objective for the stock from $4.00 to $2.00 in a research report on Thursday, August 8th. Finally, Keefe, Bruyette & Woods downgraded shares of SmartRent from an "outperform" rating to a "market perform" rating and cut their price objective for the stock from $3.50 to $2.00 in a research report on Thursday, August 8th. Six investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, SmartRent currently has an average rating of "Hold" and an average price target of $2.64.

Insider Activity at SmartRent

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

SmartRent Trading Up 2.9 %

Shares of NYSE:SMRT traded up $0.05 on Friday, reaching $1.76. 455,810 shares of the company were exchanged, compared to its average volume of 1,483,289. SmartRent, Inc. has a 1-year low of $1.35 and a 1-year high of $3.47. The firm has a market cap of $356.21 million, a price-to-earnings ratio of -11.40 and a beta of 1.97. The company has a 50-day moving average of $1.78 and a 200-day moving average of $2.24.

SmartRent (NYSE:SMRT - Get Free Report) last posted 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 company 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%. The business's revenue for the quarter was down 9.1% compared to the same quarter last year. During the same period last year, the company earned ($0.05) earnings per share. As a group, analysts forecast that SmartRent, Inc. will post -0.09 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.