Matterport (NASDAQ:MTTR) Price Target Lowered to $5.00 at Piper Sandler

Matterport (NASDAQ:MTTRGet Rating) had its price objective reduced by Piper Sandler from $7.00 to $5.00 in a research note released on Monday, The Fly reports. Piper Sandler currently has an overweight rating on the stock.

Other equities analysts have also issued research reports about the company. Morgan Stanley lowered their price objective on Matterport from $6.00 to $5.00 and set an equal weight rating on the stock in a research note on Thursday, July 14th. Credit Suisse Group lowered their price objective on Matterport from $23.00 to $13.00 and set an outperform rating on the stock in a research note on Thursday, March 24th. Deutsche Bank Aktiengesellschaft lowered their price objective on Matterport from $9.00 to $7.00 in a research note on Wednesday, May 11th. Finally, Wedbush lowered Matterport from an outperform rating to a neutral rating and lowered their price objective for the stock from $10.00 to $6.00 in a research note on Tuesday, May 3rd. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $11.57.

Matterport Trading Up 2.6 %

NASDAQ:MTTR opened at $3.94 on Monday. The stock has a market cap of $1.11 billion, a P/E ratio of -2.06 and a beta of 1.96. The stock has a 50 day simple moving average of $4.52 and a 200 day simple moving average of $7.26. Matterport has a 1-year low of $3.51 and a 1-year high of $37.60.

Matterport (NASDAQ:MTTRGet Rating) last released its quarterly earnings results on Tuesday, May 10th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of ($0.46) by $0.69. The business had revenue of $28.51 million during the quarter, compared to analysts’ expectations of $27.47 million. Matterport had a negative return on equity of 53.37% and a negative net margin of 233.50%. The firm’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.01) EPS. As a group, sell-side analysts forecast that Matterport will post -1.07 EPS for the current year.

Insider Activity

In other news, Director Jason Krikorian sold 868,407 shares of Matterport stock in a transaction on Friday, May 20th. The stock was sold at an average price of $5.43, for a total value of $4,715,450.01. Following the transaction, the director now owns 21,194,049 shares in the company, valued at approximately $115,083,686.07. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO James Daniel Fay sold 74,373 shares of the business’s stock in a transaction on Tuesday, June 7th. The stock was sold at an average price of $5.03, for a total transaction of $374,096.19. Following the sale, the chief financial officer now owns 749,097 shares in the company, valued at approximately $3,767,957.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jason Krikorian sold 868,407 shares of the business’s stock in a transaction on Friday, May 20th. The stock was sold at an average price of $5.43, for a total value of $4,715,450.01. Following the sale, the director now owns 21,194,049 shares in the company, valued at approximately $115,083,686.07. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,090,550 shares of company stock worth $11,075,908. Insiders own 24.20% of the company’s stock.

Institutional Investors Weigh In On Matterport

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Rockefeller Capital Management L.P. lifted its holdings in Matterport by 400.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,875 shares of the company’s stock worth $38,000 after buying an additional 1,500 shares during the period. Victory Capital Management Inc. lifted its holdings in Matterport by 7.9% during the 4th quarter. Victory Capital Management Inc. now owns 28,575 shares of the company’s stock worth $590,000 after buying an additional 2,081 shares during the period. Northern Trust Corp lifted its holdings in Matterport by 0.7% during the 1st quarter. Northern Trust Corp now owns 332,832 shares of the company’s stock worth $2,703,000 after buying an additional 2,258 shares during the period. Steward Partners Investment Advisory LLC lifted its holdings in Matterport by 41.9% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 7,791 shares of the company’s stock worth $63,000 after buying an additional 2,300 shares during the period. Finally, Kestra Advisory Services LLC lifted its holdings in Matterport by 6.9% during the 4th quarter. Kestra Advisory Services LLC now owns 35,802 shares of the company’s stock worth $739,000 after buying an additional 2,309 shares during the period. Institutional investors own 41.53% of the company’s stock.

About Matterport

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Matterport, Inc, a spatial data company, focuses on digitization and datafication of the built world. It offers Matterport digital twins, a 3D data platform to design, build, operate, promote, and understand spaces. The company offers Matterport Capture, an application that enables to capture depth, data, and imagery of a space using 3D cameras, 360 cameras, and iPhones; Matterport Workshop application to customize, add additional details, and share spaces; Matterport Showcase application for audience view and explore space in its final format; and Matterport VR to experience virtual reality.

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