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John C. Dorman, a director at SmartRent, Inc. (NYSE:SMRT), recently acquired a significant amount of the company’s stock. According to a filing with the Securities and Exchange Commission, Dorman purchased 125,000 shares of SmartRent’s Class A Common Stock on March 10, 2025. The shares were bought at a price of $1.20 each, resulting in a total transaction value of $150,000. InvestingPro data shows this purchase comes as the stock trades near its 52-week low of $1.09, with management actively buying back shares.
Following this transaction, Dorman’s total holdings in SmartRent increased to 229,965 shares. This acquisition reflects a direct ownership stake, as indicated in the filing.
SmartRent, based in Scottsdale, Arizona, specializes in computer integrated systems design, providing technology solutions for property managers and owners.
In other recent news, SmartRent Inc. reported its fourth-quarter 2024 earnings, revealing a larger-than-expected loss and significant revenue shortfall. The company posted an earnings per share (EPS) of -$0.06, missing the forecast of -$0.02, and revenue came in at $35.4 million, falling short of the anticipated $47.24 million. This represents a 41% decline in revenue year-over-year, while the full-year revenue dropped 26% from 2023 to $174.9 million. Despite these results, the company’s SaaS revenue has grown to constitute 38% of total revenue, up from 19% the previous year, indicating progress in its strategic shift towards software-as-a-service offerings.
Keefe Bruyette & Woods analyst Ryan Tomasello has adjusted the price target for SmartRent to $1.60, down from $2.00, while maintaining a Market Perform rating. This adjustment was made following SmartRent’s adjusted EBITDA of negative $7.4 million, which fell short of expectations. The company has recently undergone a change in leadership with a new CEO, Shane Paladin, who has not yet issued guidance for 2025 due to broader economic uncertainties and the recent leadership transition. SmartRent’s immediate focus is on enhancing its cost structure and rejuvenating its smart operations business.
The company has also experienced a decline in hardware revenue, contributing to the earnings shortfall. Despite these challenges, SmartRent’s gross margin improved slightly to 28.7% in Q4. The company remains committed to its transition to a SaaS-focused model, with plans to continue investing in sales and its Smart Operations platform. Analysts suggest maintaining a cautious stance until more certainty regarding the company’s future plans is provided.
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