Connor Clark & Lunn Investment Management Ltd. Sells 142,058 Shares of SmartRent, Inc. (NYSE:SMRT)

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in SmartRent, Inc. (NYSE:SMRT) by 62.4% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 85,553 shares of the company’s stock after selling 142,058 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in SmartRent were worth $148,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of SmartRent by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 20,244,087 shares of the company’s stock worth $54,254,000 after buying an additional 386,845 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in SmartRent by 18.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 53,177 shares of the company’s stock worth $143,000 after acquiring an additional 8,169 shares in the last quarter. Virtu Financial LLC acquired a new position in SmartRent during the first quarter worth $84,000. Legacy Capital Group California Inc. boosted its stake in shares of SmartRent by 104.3% in the 2nd quarter. Legacy Capital Group California Inc. now owns 70,750 shares of the company’s stock valued at $169,000 after purchasing an additional 36,123 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of SmartRent by 14.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 707,056 shares of the company’s stock valued at $1,690,000 after purchasing an additional 87,728 shares in the last quarter. Institutional investors own 59.42% of the company’s stock.

Insiders Place Their Bets

In other news, Director Frank Martell acquired 50,000 shares of the company’s stock in a transaction on Friday, November 15th. The stock was purchased at an average cost of $1.49 per share, with a total value of $74,500.00. Following the acquisition, the director now owns 200,000 shares of the company’s stock, valued at $298,000. This trade represents a 33.33 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders have bought 173,204 shares of company stock valued at $266,646. 9.00% of the stock is currently owned by corporate insiders.

SmartRent Stock Down 9.7 %

Shares of NYSE SMRT opened at $1.77 on Monday. SmartRent, Inc. has a 12-month low of $1.17 and a 12-month high of $3.47. The firm’s 50-day simple moving average is $1.67 and its 200 day simple moving average is $1.95. The company has a market cap of $340.85 million, a price-to-earnings ratio of -13.62 and a beta of 1.96.

SmartRent (NYSE:SMRT) last announced its earnings results on Wednesday, November 6th. 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 $40.50 million for the quarter, compared to analyst estimates of $45.94 million. SmartRent had a negative return on equity of 6.08% and a negative net margin of 12.77%. SmartRent’s revenue for the quarter was down 30.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.04) earnings per share. On average, equities analysts expect that SmartRent, Inc. will post -0.14 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Keefe, Bruyette & Woods cut shares of SmartRent from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $3.50 to $2.00 in a research report on Thursday, August 8th. Cantor Fitzgerald downgraded SmartRent from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $4.00 to $2.00 in a report on Thursday, August 8th. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, SmartRent presently has an average rating of “Hold” and an average target price of $2.50.

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.