Matterport (NASDAQ:MTTR) Hits New 52-Week High Following Analyst Upgrade

Matterport, Inc. (NASDAQ:MTTR)’s share price hit a new 52-week high on Monday 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. Matterport traded as high as $4.99 and last traded at $4.72, with a volume of 33519075 shares changing hands. The stock had previously closed at $1.74.

A number of other research analysts have also commented on the company. Wedbush decreased their price objective on Matterport from $5.00 to $4.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. BTIG Research started coverage on Matterport in a report on Friday, January 19th. They issued a “neutral” rating on the stock. Finally, Northland Securities started coverage on Matterport in a report on Thursday, April 11th. They set an “outperform” rating and a $3.50 price objective for the company. Six investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $4.50.

Insider Activity

In related news, CFO James Daniel Fay sold 25,000 shares of Matterport stock in a transaction on Monday, April 1st. The stock was sold at an average price of $2.25, for a total transaction of $56,250.00. Following the completion of the sale, the chief financial officer now directly owns 1,314,918 shares of the company’s stock, valued at $2,958,565.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Matterport news, CEO Raymond J. Pittman sold 72,096 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 3,375,510 shares in the company, valued at $6,818,530.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO James Daniel Fay sold 25,000 shares of Matterport stock in a transaction on Monday, April 1st. The stock was sold at an average price of $2.25, for a total transaction of $56,250.00. Following the transaction, the chief financial officer now directly owns 1,314,918 shares in the company, valued at $2,958,565.50. The disclosure for this sale can be found here. Insiders have sold a total of 437,909 shares of company stock valued at $884,072 in the last 90 days. 16.10% of the stock is owned by company insiders.

Institutional Trading of Matterport

A number of large investors have recently made changes to their positions in the company. Victory Capital Management Inc. lifted its holdings in Matterport by 23.4% during the fourth quarter. Victory Capital Management Inc. now owns 33,901 shares of the company’s stock worth $91,000 after acquiring an additional 6,425 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Matterport by 16.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 69,734 shares of the company’s stock worth $188,000 after purchasing an additional 9,793 shares during the period. Droms Strauss Advisors Inc. MO ADV bought a new position in shares of Matterport during the 4th quarter valued at about $27,000. Principal Financial Group Inc. grew its position in shares of Matterport by 39.1% in the 3rd quarter. Principal Financial Group Inc. now owns 37,071 shares of the company’s stock valued at $80,000 after purchasing an additional 10,427 shares during the period. Finally, Apollon Wealth Management LLC acquired a new position in shares of Matterport in the 4th quarter valued at approximately $28,000. Institutional investors own 36.96% of the company’s stock.

Matterport Trading Down 4.2 %

The firm has a market capitalization of $1.43 billion, a P/E ratio of -6.97 and a beta of 1.73. The business has a 50 day moving average of $2.13 and a 200-day moving average of $2.31.

Matterport (NASDAQ:MTTR) last posted its quarterly earnings data on Tuesday, February 20th. The company reported ($0.14) earnings per share for the quarter, hitting the consensus estimate 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 during the quarter, compared to analysts’ expectations of $40.11 million. On average, analysts anticipate that Matterport, Inc. will post -0.45 EPS 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.