SmartRent rises on Q3 sales beat, FY revenue forecast raise

SmartRent

11/11/2022 13:33

** Smart home solutions developer SmartRent Inc's shares
 SMRT.N  up 3.5% at $2.70 
    ** Co reports Q3 sales of $47.50 mln that beat Wall Street
estimate of $43.75 mln, per Refinitiv IBES data  urn:newsml:reuters.com:*:nBw4xrwvfa
    ** Co says hardware and hosted services revenue grew 28% and
8%, respectively 
    ** Raises FY22 total sales outlook to the range of $165 mln
to $180 mln from prior outlook of $155 mln to $180 mln     
    ** Seven of eight brokerages rate the stock "buy" or higher,
one "hold"; their median PT is $5.40 - Refinitiv
    ** Up to Thursday's close, stock had fallen 73% YTD compared
with a 11.2% decline in the NYSE composite index  .NYA 
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))