BTIG sees consensus on SmartRent business quality, not on path to maximize value

BTIG analyst Soham Bhonsle notes that on Tuesday, an investor issued an open letter to members of SmartRent’s board, CEO and Chairman Lucas Haldeman and current shareholders. In the letter, the investor poses a series of questions and concerns regarding the company’s current strategy, disclosed metrics, and corporate governance practices. After speaking with the investor, current shareholders and SmartRent, the firm believes there is consensus around the high-quality nature of the business, but the path to maximizing long-term value varies depending on who you speak to. BTIG has a Buy rating on the shares with a price target of $4.50.