SmartRent Shares Drop 9% on Q4 Miss & Lowered Guidance
<p><a href='https://financialmodelingprep.com/financial-summary/SMRT'>SmartRent, Inc. (NYSE:SMRT) </a>shares were trading more than 9% lower Friday afternoon following the company’s reported Q4 results, with EPS coming in at ($0.13), below the consensus estimate of ($0.09). Revenue was $34.7 million, compared to the consensus estimate of $31.4 million.</p>
<p>The company lowered its full 2022-year guidance, expecting revenue in the range of $220-$250 million, significantly lower than the consensus estimate of $301 million.</p>
<p>While the lowering of 2022 expectations was widely expected by the investors, analysts at Deutsche Bank said they came away from earnings surprised at the magnitude of the cut. According to the analysts, the lower outlook appears to be driven mostly by supply chain delays, but considering the more positive commentary by the company on its inventory positioning earlier in 2022, they did not expect the impact to be this large. </p>
<p>On the positive side, the analysts are intrigued by the acquisition of SightPlan and see the potential for revenue synergies from the deal.</p>
<p>Additionally, the company continues to see healthy bookings and committed unit growth. The analysts lowered their estimates to reflect the guidance and moved their price target to $10 from $16 as they believe there is increased uncertainty about the long-term targets that the company had previously outlined.</p>

NYSE:SMRT