SmartRent: Downgrading To Hold Due To Uncertainties In FY24 [Seeking Alpha]
SmartRent, Inc. Class A (SMRT)
US:NASDAQ Investor Relations:
ir.steinmart.com/investor-relations
Company Research
Source: Seeking Alpha
The company's financials show strong hardware and professional services revenue, but weaker hosted services revenue. The adoption of the community WiFi solution is causing a major slowdown in growth, impacting near-term performance. Summary Readers may find my previous coverage via this link . My previous rating was a buy, as I believed the SmartRent ( NYSE: SMRT ) approach to adopting a profitable growth stance was the right decision and that when it starts to turn EBITDA positive, investors would be more positive on the stock. I am revising my rating from buy to hold as I decided to adopt a wait-and-see approach for FY24. I still believe in the long-term outlook of the business, but the near-term uncertainties in growth warrant a more conservative approach, as the market seems to value near-term performance more than the long-term equity story. Financials / Valuation SMRT reported 4Q23 revenue of $60.3 million, driven by strong hardware and professional services revenue p
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News
- Save Money, Live Smarter and Boost Your Home's Value With These Tech Upgrades [CNET News]CNET News
- The Law Offices of Frank R. Cruz Announces Investigation of SmartRent, Inc. (SMRT) on Behalf of InvestorsBusiness Wire
- SmartRent Launches Alloy SmartHome Leak Sensor+ [Yahoo! Finance]Yahoo! Finance
- SmartRent to Report First Quarter 2024 Financial Results on May 8, 2024Business Wire
- SmartRent Launches Alloy SmartHome Leak Sensor+Business Wire
SMRT
Earnings
- 3/5/24 - Beat
SMRT
Sec Filings
- 4/24/24 - Form 4
- 4/24/24 - Form 4
- 4/19/24 - Form 4
- SMRT's page on the SEC website