SmartRent (SMRT) Stock Increased in Q2 Despite Supply Chain Issues

Investment management company Vulcan Value Partners recently released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. The firm has five strategies, and all gained positive absolute returns in the second quarter. The fund’s Large Cap Composite returned 10.0% net of fees and expenses, the Small Cap Composite returned 4.4% net, the Focus Composite returned 11.1% net, the Focus Plus composite returned 10.6%, and the All-Cap Composite returned 6.0% net. You can check the top 5 holdings of the fund to know its best picks in 2023.

Vulcan Value Partners highlighted stocks like SmartRent, Inc. (NYSE:SMRT) in the second quarter 2023 investor letter. Headquartered in Scottsdale, Arizona, SmartRent, Inc. (NYSE:SMRT) is an enterprise real estate technology company. On August 22, 2023, SmartRent, Inc. (NYSE:SMRT) stock closed at $3.4200 per share. One-month return of SmartRent, Inc. (NYSE:SMRT) was -11.40%, and its shares lost 5.00% of their value over the last 52 weeks. SmartRent, Inc. (NYSE:SMRT) has a market capitalization of $684.804 million.

Vulcan Value Partners made the following comment about SmartRent, Inc. (NYSE:SMRT) in its second quarter 2023 investor letter:

SmartRent, Inc. (NYSE:SMRT) provides hardware and software that enables the digital transformation of the apartment industry. Demand for its products remains strong and deployed units continue to increase. Supply chain issues have been a significant headwind but have dramatically improved and order fill rates for components have normalized. There is a significant backlog of units to be installed from their existing customer base. We expect these installations to occur over the next several years. In addition, we expect SmartRent to continue booking new customers. As additional units are installed, the mix of high margin recurring subscription revenue should grow, leading to a corresponding margin expansion.

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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, 12 hedge fund portfolios held SmartRent, Inc. (NYSE:SMRT) at the end of second quarter which was 11 in the previous quarter.

We discussed SmartRent, Inc. (NYSE:SMRT) in another article and shared Old West Investment Management’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.