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Michael Shane Paladin, the Chief Executive Officer of SmartRent, Inc. (NYSE:SMRT), recently acquired 43,859 shares of the company’s Class A common stock. The purchase, made on March 13, 2025, was at a price of $1.14 per share, totaling approximately $49,999. According to InvestingPro data, this insider buying comes as the stock trades near its 52-week low of $1.09, with shares down about 58% over the past year. Following this transaction, Paladin’s direct ownership in SmartRent stands at 43,859 shares. This move reflects Paladin’s continued investment in the company he leads, headquartered in Scottsdale, Arizona. InvestingPro analysis indicates the stock is currently undervalued, with management actively buying back shares. Subscribers can access 15 additional ProTips and a comprehensive Pro Research Report for deeper insights into SmartRent’s financial health and growth prospects.
In other recent news, SmartRent reported disappointing fourth-quarter 2024 earnings, with an earnings per share (EPS) of -$0.06, missing the forecasted -$0.02. The company’s revenue also fell short at $35.4 million, compared to the expected $47.24 million, marking a significant decline of 41% year-over-year. Despite the overall revenue decrease, SmartRent saw growth in its software-as-a-service (SaaS) offerings, which now constitute 38% of total revenue, up from 19% the previous year. The company reported a net loss of $11.4 million for the quarter, with a full-year net loss of $33.6 million.
Keefe Bruyette & Woods analyst Ryan Tomasello downgraded SmartRent’s stock target from $2.00 to $1.60, maintaining a Market Perform rating. Tomasello highlighted concerns over SmartRent’s adjusted EBITDA of negative $7.4 million, which fell short of expectations. The company recently underwent a leadership change, with a new CEO taking the helm, and has not issued guidance for 2025 due to economic uncertainties and strategic transitions. SmartRent’s immediate focus is on enhancing its cost structure and rejuvenating its smart operations business. The company continues to emphasize its transition to a SaaS model, aiming for long-term growth despite current challenges.
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