Old West Investment Management, Llc, an investment management company, published its second quarter 2023 investor letter. A copy of the same can be downloaded here. The stock market has had an impressive rebound in the first half of 2023 from the steep losses of 2022. But Old West portfolios underperformed the major indexes in the quarter but fared better when compared to the Russell 2000 small cap index or the equal-weighted S&P 500. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Old West Investment Management highlighted stocks like SmartRent, Inc. (NYSE:SMRT) in the Q2 2023 investor letter. Headquartered in Scottsdale, Arizona, SmartRent, Inc. (NYSE:SMRT) is an enterprise real estate technology company. On July 13, 2023, SmartRent, Inc. (NYSE:SMRT) stock closed at $3.9400 per share. One-month return of SmartRent, Inc. (NYSE:SMRT) was 20.86%, and its shares lost 11.86% of their value over the last 52 weeks. SmartRent, Inc. (NYSE:SMRT) has a market capitalization of $837.404 million.
Old West Investment Management made the following comment about SmartRent, Inc. (NYSE:SMRT) in its second quarter 2023 investor letter:
“SmartRent, Inc. (NYSE:SMRT) is the leading smart home technology company focused on rental housing in the U.S. Multifamily owners and operators love their products which include smart access keyless entry, water leak detection and smart thermostats/climate control. They also offer self-guided tours for prospective tenants to see units, resident and staff management software and parking flow optimization. Based in Scottsdale, AZ, the company sells hardware devices and software that generates recurring revenue as they monitor their services.
At Old West, we are always looking for great owner/operators of companies to partner with. Lucas Haldeman founded SMRT in 2017 after serving as CTO at Colony American Homes, at the time a large owner of single-family rental homes. It was in that role that he realized the need for technology solutions to provide more efficient property management. Haldeman owns $15 million of SMRT stock, ranking him as the company’s largest shareholder…” (Click here to read the full text)
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SmartRent, Inc. (NYSE:SMRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held SmartRent, Inc. (NYSE:SMRT) at the end of first quarter which was 11 in the previous quarter.
We discussed SmartRent, Inc. (NYSE:SMRT) in another article and shared Hayden Capital’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
