Citigroup Discloses Passive Stake in SmartRent (SMRT)

TL;DR

**Citigroup just revealed a passive stake in SmartRent, signaling institutional confidence.**

AI Summary

Citigroup Inc. filed an SC 13G on February 12, 2024, disclosing its ownership of Class A Common Stock in SmartRent, Inc. as of December 31, 2023. This filing indicates that Citigroup holds a significant, but passive, stake in SmartRent, a company specializing in computer-integrated systems design. This matters to investors because it signals that a major financial institution like Citigroup sees value in SmartRent, potentially boosting investor confidence, but also means Citigroup isn't actively seeking to influence SmartRent's management.

Why It Matters

A large institutional investor like Citigroup holding a passive stake can be seen as a vote of confidence in SmartRent's long-term prospects, potentially attracting other investors.

Risk Assessment

Risk Level: low — This filing indicates a passive investment by a major institution, which generally carries low risk for existing shareholders.

Analyst Insight

A smart investor would view this as a positive signal, potentially indicating institutional confidence in SmartRent, and might consider further research into SmartRent's fundamentals.

Key Players & Entities

• Citigroup Inc. (company) — the reporting person disclosing its ownership
• SmartRent, Inc. (company) — the issuer of the securities being reported
• December 31, 2023 (date) — the date of the event requiring the filing
• February 12, 2024 (date) — the filing date of the SC 13G

Forward-Looking Statements

• SmartRent's stock may experience increased investor interest due to Citigroup's disclosed stake. (SmartRent, Inc.) — medium confidence, target: Q2 2024
• Citigroup will maintain a passive investment in SmartRent, not seeking to influence management. (Citigroup Inc.) — high confidence, target: Ongoing

FAQ

Filing Documents

• schedule_13ga_-_smartren.htm (SC 13G) — 321KB
• 0000950170-24-013586.txt ( ) — 323KB

(a)

Item 1(a). Name of Issuer: SmartRent, Inc.

(b)

Item 1(b). Address of Issuer's Principal Executive Offices: 8665 E. Hartford Drive, Suite 200 Scottsdale Arizona 85255

(a)

Item 2(a). Name of Person Filing: Citigroup Global Markets Inc. (CGM) Citigroup Financial Products Inc. (CFP) Citigroup Global Markets Holdings Inc. (CGM Holdings) Citigroup Inc. (Citigroup)

(b)

Item 2(b). Address of Principal Business Office or, if none, Residence: The address of the principal business office of each of CGM, CFP, CGM Holdings and Citigroup is: 388 Greenwich Street New York, NY 10013

(c)

Item 2(c). Citizenship: CGM and CGM Holdings are New York corporations. CFP and Citigroup are Delaware corporations.

(d)

Item 2(d). Title of Class of Securities: Class A Common Stock

(e)

Item 2(e). CUSIP Number: 83193G-10-7 Page 6 of 9 Pages Item 3. If This Statement Is Filed Pursuant to Sections 240.13d-1(b) or 240.13d-2(b) or (c), Check Whether the Person Filing Is a(n): (a) Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o); (b) Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c); (c) Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c); (d) Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8); (e) Investment adviser in accordance with Section 240.13d-1(b)(1)(ii)(E); (f) Employee benefit plan or endowment fund in accordance with Section 240.13d-1(b)(1)(ii)(F); (g) Parent holding company or control person in accordance with Section 240.13d-1(b)(1)(ii)(G); (h) Savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) Church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) A non-U.S. institution in accordance with Section 240.13d-1(b)(1)(ii)(J); (k) Group, in accordance with Section 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Section 240.13d-1(b)(1)(ii)(J), please specify the type of institution: ____________________________ . Item 4. (a) Amount beneficially owned: See item 9 of cover pages (b) Percent of class: See item 11 of cover pages (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: (ii) Shared power to vote or to direct the vote: (iii) Sole power to dispose or to direct the disposition of: (iv) Shared power to dispose or to direct the disposition of: See Items 5-8 of cover pages Page 7 of 9 Pages Item 5. If this statement is being file

View Full Filing

View this SC 13G filing on SEC EDGAR