Barry Oxford, an analyst from Colliers Securities, maintained the Buy rating on SmartRent (SMRT – Research Report). The associated price target is $5.00.
Barry Oxford has given his Buy rating due to a combination of factors surrounding SmartRent’s recent performance and future prospects. Despite a downward revision in estimates, the core investment thesis for SmartRent remains strong. Oxford is particularly enthusiastic about the potential of the company’s new Hub-Plus with WiFi, which has seen robust demand. This product is expected to significantly contribute to additional net operating income (NOI) for apartment owners, which in turn is likely to fuel accelerated revenue growth in the latter half of 2024 as SmartRent rolls out new products. The company’s software offers a fully integrated solution for the real estate industry, enhancing smart home technology within the multifamily sector and is compatible with a wide range of management systems.
Furthermore, SmartRent’s financial achievements include reaching Adjusted EBITDA profitability, with a reported value of $0.7 million, and a substantial reduction in net loss year-over-year. The company’s revenue has increased by 49%, and there have been improvements across all revenue stream margins. The SaaS revenue and ARPU show considerable yearly growth, indicating a strengthening of the company’s core business model. Additionally, the expansion of Community WiFi offerings represents a strategic move to capture market opportunities and add value to property NOI, which is expected to contribute meaningfully to earnings in the latter part of 2024 into 2025.
Oxford covers the Real Estate sector, focusing on stocks such as Gladstone Commercial, Terreno Realty, and Umh. According to TipRanks, Oxford has an average return of -0.1% and a 53.05% success rate on recommended stocks.
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SmartRent (SMRT) Company Description:
Fifth Wall Acquisition Corp I is a blank check company. It is formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities.
Read More on SMRT:
- New Share Price & Shareholder Rights Risk for Smartrent, Inc. – What’s the Latest?
- SmartRent sees FY24 revenue $260M-$290M, consensus $289.26M
- SmartRent Announces Stock Buyback and Enhances Investor Communication
- SmartRent sees Q1 revenue $47M-$53M, consensus $64.92M
- SmartRent reports Q4 EPS (2c), consensus (1c)
