SmartRent (NYSE:SMRT) to Buyback $50.00 million in Stock

SmartRent (NYSE:SMRT) announced that its board has initiated a share buyback program on Wednesday, May 7th, RTT News reports. The company plans to buyback $50.00 million in shares. This buyback authorization allows the company to buy up to 27.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SMRT. Cantor Fitzgerald raised shares of SmartRent to a “hold” rating in a research report on Tuesday, April 22nd. Keefe, Bruyette & Woods lowered their target price on SmartRent from $1.60 to $1.30 and set a “market perform” rating for the company in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, SmartRent has a consensus rating of “Hold” and a consensus price target of $2.33.

SmartRent Price Performance

NYSE:SMRT opened at $0.88 on Friday. The firm has a 50-day moving average of $1.03 and a two-hundred day moving average of $1.41. The stock has a market cap of $169.63 million, a P/E ratio of -6.78 and a beta of 1.86. SmartRent has a 1-year low of $0.67 and a 1-year high of $2.98.

SmartRent (NYSE:SMRT) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.03). SmartRent had a negative net margin of 12.77% and a negative return on equity of 6.08%. The business had revenue of $41.34 million for the quarter, compared to analyst estimates of $40.10 million. As a group, equities analysts expect that SmartRent will post -0.14 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Michael Shane Paladin acquired 43,859 shares of SmartRent stock in a transaction that occurred on Thursday, March 13th. The shares were purchased at an average cost of $1.14 per share, for a total transaction of $49,999.26. Following the completion of the purchase, the chief executive officer now directly owns 43,859 shares of the company’s stock, valued at $49,999.26. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John C. Dorman bought 125,000 shares of the stock in a transaction on Monday, March 10th. The shares were acquired at an average price of $1.20 per share, with a total value of $150,000.00. Following the purchase, the director now owns 229,965 shares of the company’s stock, valued at $275,958. The trade was a 119.09 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.90% of the company’s stock.

SmartRent Company 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.