SmartRent, Inc. (NYSE:SMRT) Sees Significant Decrease in Short Interest

SmartRent, Inc. (NYSE:SMRT) was the recipient of a significant drop in short interest in November. As of November 30th, there was short interest totalling 6,600,000 shares, a drop of 19.9% from the November 15th total of 8,240,000 shares. Based on an average daily volume of 1,390,000 shares, the short-interest ratio is presently 4.7 days. Approximately 3.9% of the shares of the stock are short sold.

Insider Activity

In other SmartRent news, Director Frank Martell purchased 48,204 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were bought at an average price of $1.45 per share, with a total value of $69,895.80. Following the completion of the purchase, the director now directly owns 248,204 shares in the company, valued at $359,895.80. This trade represents a 24.10 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 9.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Virtu Financial LLC purchased a new position in SmartRent during the 3rd quarter valued at about $26,000. Wealth Enhancement Advisory Services LLC purchased a new position in SmartRent during the third quarter valued at approximately $30,000. Algert Global LLC bought a new position in SmartRent in the second quarter worth approximately $42,000. Paloma Partners Management Co purchased a new stake in SmartRent during the third quarter worth $47,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in SmartRent during the 3rd quarter valued at $65,000. Institutional investors own 59.42% of the company’s stock.

SmartRent Price Performance

Shares of SMRT traded down $0.02 during midday trading on Monday, hitting $1.81. The stock had a trading volume of 825,173 shares, compared to its average volume of 1,408,473. The stock’s 50 day moving average is $1.69 and its 200 day moving average is $1.89. The firm has a market cap of $348.55 million, a PE ratio of -13.92 and a beta of 1.96. SmartRent has a 1 year low of $1.17 and a 1 year high of $3.47.

SmartRent (NYSE:SMRT) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.03). SmartRent had a negative return on equity of 6.08% and a negative net margin of 12.77%. The business had revenue of $40.50 million during the quarter, compared to analysts’ expectations of $45.94 million. During the same quarter in the previous year, the company posted ($0.04) earnings per share. The company’s quarterly revenue was down 30.3% compared to the same quarter last year. As a group, equities research analysts expect that SmartRent will post -0.14 earnings per share for the current fiscal 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.