Matterport (NASDAQ:MTTR) Sees Large Volume Increase on Analyst Upgrade

Matterport, Inc. (NASDAQ:MTTR) saw unusually-high trading volume on Tuesday after Piper Sandler raised their price target on the stock from $3.00 to $5.50. Piper Sandler currently has a neutral rating on the stock. Approximately 7,308,634 shares traded hands during mid-day trading, an increase of 116% from the previous session’s volume of 3,387,118 shares.The stock last traded at $4.71 and had previously closed at $4.80.

A number of other equities research analysts also recently issued reports on the stock. Northland Securities assumed coverage on shares of Matterport in a research report on Thursday, April 11th. They set an “outperform” rating and a $3.50 price target for the company. Wedbush reduced their price target on shares of Matterport from $5.00 to $4.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Finally, BTIG Research assumed coverage on shares of Matterport in a research report on Friday, January 19th. They set a “neutral” rating for the company. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $4.17.

Insider Buying and Selling

In related news, CEO Raymond J. Pittman sold 72,096 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $2.02, for a total value of $145,633.92. Following the sale, the chief executive officer now owns 3,375,510 shares of the company’s stock, valued at approximately $6,818,530.20. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CFO James Daniel Fay sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $2.10, for a total value of $52,500.00. Following the sale, the chief financial officer now owns 1,404,944 shares of the company’s stock, valued at approximately $2,950,382.40. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Raymond J. Pittman sold 72,096 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $2.02, for a total value of $145,633.92. Following the completion of the sale, the chief executive officer now directly owns 3,375,510 shares in the company, valued at approximately $6,818,530.20. The disclosure for this sale can be found here. Insiders sold 437,909 shares of company stock worth $884,072 in the last ninety days. Insiders own 16.10% of the company’s stock.

Institutional Investors Weigh In On Matterport

A number of institutional investors and hedge funds have recently bought and sold shares of MTTR. Vanguard Group Inc. lifted its stake in shares of Matterport by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 23,383,072 shares of the company’s stock worth $50,741,000 after purchasing an additional 306,958 shares during the period. Exchange Traded Concepts LLC lifted its stake in shares of Matterport by 4.1% during the 4th quarter. Exchange Traded Concepts LLC now owns 3,221,465 shares of the company’s stock worth $8,666,000 after purchasing an additional 126,052 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Matterport by 5.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,864,667 shares of the company’s stock worth $4,046,000 after purchasing an additional 90,581 shares during the period. G2 Investment Partners Management LLC lifted its stake in shares of Matterport by 136.7% during the 4th quarter. G2 Investment Partners Management LLC now owns 1,396,528 shares of the company’s stock worth $3,757,000 after purchasing an additional 806,528 shares during the period. Finally, Itau Unibanco Holding S.A. lifted its stake in shares of Matterport by 8.1% during the 3rd quarter. Itau Unibanco Holding S.A. now owns 909,172 shares of the company’s stock worth $1,973,000 after purchasing an additional 68,030 shares during the period. Hedge funds and other institutional investors own 36.96% of the company’s stock.

Matterport Trading Down 4.5 %

The company has a market cap of $1.43 billion, a PE ratio of -6.92 and a beta of 1.73. The business has a 50 day simple moving average of $2.09 and a two-hundred day simple moving average of $2.30.

Matterport (NASDAQ:MTTR) last issued its quarterly earnings results on Tuesday, February 20th. The company reported ($0.14) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.14). Matterport had a negative return on equity of 36.35% and a negative net margin of 126.20%. The company had revenue of $39.55 million for the quarter, compared to analyst estimates of $40.11 million. On average, equities research analysts expect that Matterport, Inc. will post -0.45 earnings per share for the current fiscal year.

Matterport Company Profile

Matterport, Inc, a spatial data company, focuses on digitization and datafication in the United States and internationally. The company offers Matterport Capture Services, a fully managed solution for enterprise subscribers; Matterport Pro3, a 3D camera that scans properties; Matterport Pro2, a 3D camera that captures spaces; LEICA BLK360, a device to create digital twins; Smartphone Capture, a smartphone capture solution for both iOS and Android; and 360 Cameras.