Insider Buying: Best Robert T., SmartRent Inc. [SMRT] Director invested 84,000 shares

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. SmartRent Inc. shares valued at $306,852 were purchased by Best Robert T. on Aug 17. At $3.65 per share, Best Robert T. acquired 84,000 shares. The insider’s holdings grew to 4,905,222 shares worth approximately $12.31 million following the completion of this transaction.


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Also, BAIN CAPITAL VENTURE INVESTORS sold 95,634 shares, netting a total of over 536,449 in proceeds. Following the sale of shares at $5.61 each, the insider now holds 19,630,624 shares.

Before that, BAIN CAPITAL VENTURE INVESTORS had sold 66,939 shares from its account. In a trade valued at $369,851, the 10% Owner traded SmartRent Inc. shares for $5.53 each. Upon closing the transaction, the insider’s holdings decreased to 66,939 shares, worth approximately $49.51 million.

As published in their initiating research note from Imperial Capital on August 16, 2022, SmartRent Inc. [SMRT] has been an Outperform and the price target has been revised to $6. This represents a 58.17% premium over Thursday’s closing price. As of May 25, 2022, Compass Point has initiated its “Buy” rating for SMRT. Earlier on February 15, 2022, Morgan Stanley initiated its rating. Their recommendation was “an Equal-weight” for SMRT stock.

Analyzing SMRT’s Price Performance

On Thursday, SmartRent Inc. [NYSE: SMRT] plunged -7.38% to $2.51. The stock’s lowest price that day was $2.455, but it reached a high of $2.695 in the same session. During the last five days, there has been a drop of approximately -12.54%. Over the course of the year, SmartRent Inc. shares have dropped approximately -74.07%. Shares of the company reached a 52-week high of $9.83 on 01/03/22 and a 52-week low of $2.44 on 09/21/22. A 50-day SMA is recorded $4.02, while a 200-day SMA reached $5.93. Nevertheless, trading volume fell to 1.29 million shares from 1.92 million shares the previous day.

Support And Resistance Levels for SmartRent Inc. (SMRT)

According to the 24-hour chart, there is a support level at 2.41, which, if violated, would cause prices to drop to 2.31. In the upper region, resistance lies at 2.65. The next price resistance is at 2.79. RSI (Relative Strength Index) is 30.46 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.26, which suggests the price will decrease in the coming days. Percent R is at 89.81%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is SmartRent Inc. subject to short interest?

Stocks of SmartRent Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 4.15 million shares to 9.5 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 5.35 million shares. A jump of 43.68% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 4.77 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.77.

Which companies own the most shares of SmartRent Inc. (SMRT)?

According to Vulcan Value Partners LLC filings, the company currently owns 16,740,465 shares, which is about 8.47% of the total SMRT shares outstanding. The investor’s shares have appreciated by 836,478 from its previous 13-F filing of 15903987.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $29,203,315. Long Pond Capital LP acquire a 29.10% interest valued at $24.04 million while BlackRock Fund Advisors purchased a 5,334,569 stake. A total of -1,761,399 shares of SmartRent Inc. were bought by BAMCO, Inc. during the quarter, and 1,435,760 were bought by Oaktree Capital Management LP. In its current portfolio, SSgA Funds Management, Inc. holds 2,677,292 shares valued at $8.65 million.

In terms of SmartRent Inc. share price expectations, FactSet research, analysts set an average price target of $5.58 in the next 12 months, up nearly 121.4% from the previous closing price of $2.71. Analysts anticipate SmartRent Inc. stock to reach $6.00 by 2022, with the lowest price target being $4.50. In spite of this, 9 analysts ranked SmartRent Inc. stock as a Buy at the end of 2022. On February 14, 2022, Keefe Bruyette assigned a price target of “an Outperform” to the stock and initiated coverage with a $13.

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