Matterport (NASDAQ:MTTR) Trading Down 5.8% After Insider Selling

Matterport, Inc. (NASDAQ:MTTRGet Rating)’s share price was down 5.8% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $4.18 and last traded at $4.22. Approximately 54,782 shares were traded during mid-day trading, a decline of 99% from the average daily volume of 8,136,289 shares. The stock had previously closed at $4.48.

Specifically, Director Jason Krikorian sold 867,094 shares of the business’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $4.66, for a total transaction of $4,040,658.04. Following the completion of the sale, the director now directly owns 18,562,912 shares in the company, valued at $86,503,169.92. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CTO Japjit Tulsi sold 50,000 shares of the company’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $4.61, for a total value of $230,500.00. Following the completion of the transaction, the chief technology officer now directly owns 295,571 shares in the company, valued at $1,362,582.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jason Krikorian sold 867,094 shares of the company’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $4.66, for a total transaction of $4,040,658.04. Following the completion of the transaction, the director now owns 18,562,912 shares of the company’s stock, valued at $86,503,169.92. The disclosure for this sale can be found here. Insiders sold a total of 1,343,398 shares of company stock worth $6,236,419 over the last ninety days. 24.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Wolfe Research assumed coverage on shares of Matterport in a research note on Tuesday, August 16th. They issued a “market perform” rating for the company. Piper Sandler upped their target price on shares of Matterport from $5.00 to $7.00 and gave the company an “overweight” rating in a research note on Thursday, August 11th. Finally, Morgan Stanley upped their price target on shares of Matterport from $5.00 to $7.00 and gave the company an “equal weight” rating in a report on Friday, August 12th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Matterport currently has a consensus rating of “Moderate Buy” and an average price target of $10.83.

Matterport Price Performance

The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of -2.76 and a beta of 1.81. The firm’s fifty day moving average is $4.55 and its 200-day moving average is $5.48.

Matterport (NASDAQ:MTTRGet Rating) last posted its quarterly earnings results on Wednesday, August 10th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.02. The firm had revenue of $28.48 million for the quarter, compared to analysts’ expectations of $30.37 million. Matterport had a negative net margin of 287.93% and a negative return on equity of 44.99%. The firm’s quarterly revenue was down 3.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.62) earnings per share. On average, sell-side analysts expect that Matterport, Inc. will post -1.03 EPS for the current year.

Institutional Trading of Matterport

A number of institutional investors and hedge funds have recently modified their holdings of MTTR. DCM International VI Ltd. acquired a new stake in shares of Matterport during the fourth quarter worth $409,870,000. Qualcomm Inc. DE acquired a new stake in shares of Matterport during the fourth quarter worth $233,768,000. Vanguard Group Inc. raised its holdings in shares of Matterport by 171.4% during the first quarter. Vanguard Group Inc. now owns 11,882,193 shares of the company’s stock worth $96,483,000 after purchasing an additional 7,504,573 shares during the period. Wafra Inc. acquired a new stake in shares of Matterport during the fourth quarter worth $102,274,000. Finally, State Street Corp raised its holdings in shares of Matterport by 460.3% during the second quarter. State Street Corp now owns 4,559,685 shares of the company’s stock worth $16,688,000 after purchasing an additional 3,745,958 shares during the period. 38.34% of the stock is owned by institutional investors and hedge funds.

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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