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

Matterport, Inc. (NASDAQ:MTTR) saw an uptick in 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 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.

MTTR has been the topic of a number of other reports. BTIG Research began coverage on Matterport in a research note on Friday, January 19th. They issued a “neutral” rating on the stock. Northland Securities assumed coverage on Matterport in a research note on Thursday, April 11th. They issued an “outperform” rating and a $3.50 price target on the stock. Finally, Wedbush cut 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. Six research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Matterport has an average rating of “Hold” and an average target price of $4.50.

Insider Activity at Matterport

In other Matterport news, CEO Raymond J. Pittman sold 72,096 shares of the business’s stock in a transaction 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 directly owns 3,375,510 shares of the company’s stock, valued at $6,818,530.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Raymond J. Pittman sold 72,096 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 3,375,510 shares in the company, valued at $6,818,530.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Jay Remley sold 13,261 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $1.94, for a total value of $25,726.34. Following the completion of the transaction, the executive now owns 1,038,563 shares of the company’s stock, valued at approximately $2,014,812.22. The disclosure for this sale can be found here. Insiders have sold 437,909 shares of company stock worth $884,072 over the last ninety days. 16.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of MTTR. 180 Wealth Advisors LLC purchased a new position in shares of Matterport in the third quarter worth $27,000. Droms Strauss Advisors Inc. MO ADV purchased a new stake in Matterport during the fourth quarter valued at $27,000. Apollon Wealth Management LLC purchased a new stake in Matterport during the fourth quarter valued at $28,000. Private Advisor Group LLC purchased a new stake in Matterport during the fourth quarter valued at $31,000. Finally, Choreo LLC purchased a new stake in Matterport during the fourth quarter valued at $33,000. Hedge funds and other institutional investors own 36.96% of the company’s stock.

Matterport Price Performance

The company has a market cap of $1.43 billion, a PE 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) EPS for the quarter, meeting analysts’ consensus estimates of ($0.14). The company had revenue of $39.55 million during the quarter, compared to analysts’ expectations of $40.11 million. Matterport had a negative return on equity of 36.35% and a negative net margin of 126.20%. On average, equities analysts predict that Matterport, Inc. will post -0.45 EPS for the current fiscal year.

About Matterport

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.