SmartRent drops 30% after warning of supply constraints

SmartRent

12/08/2022 19:34

** Shares of SmartRent Inc  SMRT.N  sink about 30% on Friday
after its qtrly forecast badly missed expectations, with the co
pointing to supply constraints
    ** The seller of "smart home" enterprise software said late
on Thursday it sees annual revenue between $155 mln and $180
mln, vs analyst avg view of $241 mln, per Refinitiv  urn:newsml:reuters.com:*:nASA03LAM
    ** "The Company has contractual agreements for deployments
that are currently on hold due to supply chain constraints and
are now included in its record backlog," SMRT said
    ** Goldman Sachs analyst Rod Hall wrote in a client note
that "while we believe that slowing consumer electronics demand
might free up some supply in H2, we note that bottlenecks in
training new employees to deploy units would likely result in
delayed unit growth once supply does come online"
    ** With Friday's drop SMRT down 60% YTD vs S&P 500's  .SPX 
11% decline 

 (Reporting by Noel Randewich)
 ((noel.randewich@tr.com; Twitter: @randewich;))