Northland Securities Initiates Coverage on Matterport (NASDAQ:MTTR)

Analysts at Northland Securities began coverage on shares of Matterport (NASDAQ:MTTR) in a note issued to investors on Thursday, MarketBeat.com reports. The brokerage set an “outperform” rating and a $3.50 price target on the stock. Northland Securities’ price target would indicate a potential upside of 81.35% from the stock’s current price.

A number of other brokerages have also commented on MTTR. Wedbush dropped their target price 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 initiated coverage on Matterport in a research report on Friday, January 19th. They issued a “neutral” rating on the stock. Finally, Piper Sandler reiterated a “neutral” rating and issued a $3.00 target price on shares of Matterport in a research report on Wednesday, February 21st. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Matterport presently has a consensus rating of “Hold” and an average price target of $3.40.

Matterport Stock Down 5.9 %

Shares of NASDAQ MTTR opened at $1.93 on Thursday. The business’s 50 day moving average price is $2.10 and its 200 day moving average price is $2.29. The firm has a market cap of $600.06 million, a P/E ratio of -2.92 and a beta of 1.73. Matterport has a 52 week low of $1.74 and a 52 week high of $3.78.

Matterport (NASDAQ:MTTR) last issued its earnings results on Tuesday, February 20th. The company reported ($0.14) EPS for the quarter, meeting analysts’ consensus estimates of ($0.14). The firm had revenue of $39.55 million for the quarter, compared to analyst estimates of $40.11 million. Matterport had a negative return on equity of 36.35% and a negative net margin of 126.20%. As a group, research analysts expect that Matterport will post -0.45 earnings per share for the current year.

Insiders Place Their Bets

In other Matterport news, CEO Raymond J. Pittman sold 72,096 shares of the company’s stock in a transaction that occurred 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 owns 3,375,510 shares in the company, valued at approximately $6,818,530.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Raymond J. Pittman sold 72,096 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $2.02, for a total transaction of $145,633.92. Following the completion of the transaction, the chief executive officer now directly owns 3,375,510 shares of the company’s stock, valued at approximately $6,818,530.20. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Raymond J. Pittman sold 69,539 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $1.94, for a total value of $134,905.66. Following the transaction, the chief executive officer now directly owns 3,231,873 shares of the company’s stock, valued at $6,269,833.62. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 437,909 shares of company stock worth $884,072. Corporate insiders own 16.10% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Barclays PLC raised its stake in shares of Matterport by 21.0% during the 3rd quarter. Barclays PLC now owns 120,020 shares of the company’s stock worth $260,000 after buying an additional 20,824 shares during the period. Vanguard Group Inc. raised its stake in shares of Matterport by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 23,383,072 shares of the company’s stock worth $50,741,000 after buying an additional 306,958 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Matterport by 5.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,864,667 shares of the company’s stock worth $4,046,000 after buying an additional 90,581 shares during the period. 180 Wealth Advisors LLC acquired a new position in Matterport in the 3rd quarter valued at $27,000. Finally, Dark Forest Capital Management LP acquired a new position in Matterport in the 3rd quarter valued at $291,000. 36.96% of the stock is owned by institutional investors and hedge funds.

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.