Matterport (NASDAQ:MTTR) Sees Strong Trading Volume After Analyst Upgrade

Shares of Matterport, Inc. (NASDAQ:MTTR) saw strong 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. 7,308,634 shares traded hands during 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 analysts have also weighed in on the stock. BTIG Research started coverage on shares of Matterport in a research report on Friday, January 19th. They set a “neutral” rating for the company. Wedbush lowered their price target on shares of Matterport from $5.00 to $4.00 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Finally, Northland Securities started coverage on shares of Matterport in a report on Thursday, April 11th. They issued an “outperform” rating and a $3.50 price target on the stock. Six equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $4.50.

Insider Activity at Matterport

In related news, CFO James Daniel Fay sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $2.26, for a total value of $56,500.00. Following the sale, the chief financial officer now directly owns 1,404,944 shares of the company’s stock, valued at $3,175,173.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO James Daniel Fay sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $2.26, for a total value of $56,500.00. Following the sale, the chief financial officer now directly owns 1,404,944 shares of the company’s stock, valued at $3,175,173.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Matthew Zinn sold 58,142 shares of the firm’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 transaction of $117,446.84. Following the completion of the sale, the insider now directly owns 396,121 shares in the company, valued at $800,164.42. The disclosure for this sale can be found here. Insiders have sold 437,909 shares of company stock valued at $884,072 over the last three months. 16.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Matterport

A number of institutional investors and hedge funds have recently bought and sold shares of MTTR. Barclays PLC raised its stake in shares of Matterport by 21.0% during the third quarter. Barclays PLC now owns 120,020 shares of the company’s stock worth $260,000 after acquiring an additional 20,824 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Matterport by 1.3% in the third 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 last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Matterport by 5.1% in the third 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 last quarter. 180 Wealth Advisors LLC bought a new position in shares of Matterport in the third quarter worth approximately $27,000. Finally, Dark Forest Capital Management LP bought a new position in shares of Matterport in the third quarter worth approximately $291,000. 36.96% of the stock is owned by hedge funds and other institutional investors.

Matterport Stock Up 0.9 %

The stock has a market cap of $1.44 billion, a P/E ratio of -7.03 and a beta of 1.73. The firm’s fifty day moving average price is $2.18 and its 200-day moving average price is $2.33.

Matterport (NASDAQ:MTTR) last issued its earnings results on Tuesday, February 20th. The company reported ($0.14) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.14). Matterport had a negative net margin of 126.20% and a negative return on equity of 36.35%. The firm had revenue of $39.55 million for the quarter, compared to analysts’ expectations of $40.11 million. Sell-side analysts predict that Matterport, Inc. will post -0.45 earnings per share for the current 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.