Short Interest in SmartRent, Inc. (NYSE:SMRT) Decreases By 19.9%

SmartRent, Inc. (NYSE:SMRT) was the target of a significant decrease in short interest during the month of November. As of November 30th, there was short interest totalling 6,600,000 shares, a decrease of 19.9% from the November 15th total of 8,240,000 shares. Approximately 3.9% of the company’s stock are sold short. Based on an average daily trading volume, of 1,390,000 shares, the days-to-cover ratio is currently 4.7 days.

SmartRent Price Performance

SmartRent stock traded down $0.02 during midday trading on Monday, reaching $1.81. The company’s stock had a trading volume of 825,173 shares, compared to its average volume of 1,408,473. The stock has a market capitalization of $348.55 million, a P/E ratio of -13.92 and a beta of 1.96. The stock’s 50-day simple moving average is $1.69 and its 200-day simple moving average is $1.89. SmartRent has a 52-week low of $1.17 and a 52-week high of $3.47.

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

Insider Buying and Selling at SmartRent

In other SmartRent news, Director Frank Martell bought 48,204 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were purchased at an average cost of $1.45 per share, for a total transaction of $69,895.80. Following the purchase, the director now directly owns 248,204 shares in the company, valued at $359,895.80. This represents a 24.10 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 9.00% of the company’s stock.

Institutional Investors Weigh In On SmartRent

Institutional investors and hedge funds have recently made changes to their positions in the stock. Citigroup Inc. boosted its holdings in shares of SmartRent by 27.2% in the 3rd quarter. Citigroup Inc. now owns 10,009,518 shares of the company’s stock valued at $17,316,000 after acquiring an additional 2,138,797 shares during the last quarter. Long Pond Capital LP lifted its holdings in shares of SmartRent by 133.1% in the 2nd quarter. Long Pond Capital LP now owns 9,316,093 shares of the company’s stock valued at $22,265,000 after buying an additional 5,320,147 shares during the period. Land & Buildings Investment Management LLC lifted its holdings in shares of SmartRent by 82.0% in the 2nd quarter. Land & Buildings Investment Management LLC now owns 5,658,366 shares of the company’s stock valued at $13,523,000 after buying an additional 2,549,856 shares during the period. Caprock Group LLC purchased a new stake in shares of SmartRent in the third quarter worth about $1,997,000. Finally, Dimensional Fund Advisors LP grew 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 during the period. 59.42% of the stock is currently owned by institutional investors and hedge funds.

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.