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

Matterport, Inc. (NASDAQ:MTTR) shares 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 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.

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

Insider Activity

In other news, CEO Raymond J. Pittman sold 72,096 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 3,375,510 shares of the company’s stock, valued at approximately $6,818,530.20. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Raymond J. Pittman sold 72,096 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were 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 owns 3,375,510 shares of the company’s stock, valued at approximately $6,818,530.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Jay Remley sold 13,261 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $1.94, for a total transaction of $25,726.34. Following the transaction, the executive now directly 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 sold a total of 437,909 shares of company stock valued at $884,072 in the last 90 days. Company insiders own 16.10% of the company’s stock.

Hedge Funds Weigh In On Matterport

A number of hedge funds have recently made changes to their positions in MTTR. SG Americas Securities LLC acquired a new stake in Matterport during the 3rd quarter worth approximately $559,000. Exchange Traded Concepts LLC raised its holdings in shares of Matterport by 6.1% in the 3rd quarter. Exchange Traded Concepts LLC now owns 3,095,413 shares of the company’s stock valued at $6,717,000 after purchasing an additional 178,460 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in Matterport by 132.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 272,367 shares of the company’s stock worth $591,000 after acquiring an additional 154,961 shares in the last quarter. Raymond James & Associates raised its stake in Matterport by 7.2% during the 3rd quarter. Raymond James & Associates now owns 294,342 shares of the company’s stock worth $639,000 after acquiring an additional 19,760 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Matterport by 54.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 59,941 shares of the company’s stock worth $130,000 after acquiring an additional 21,179 shares in the last quarter. Hedge funds and other institutional investors own 36.96% of the company’s stock.

Matterport Trading Down 4.2 %

The stock’s 50-day moving average is $2.13 and its 200-day moving average is $2.31. The stock has a market cap of $1.43 billion, a P/E ratio of -6.97 and a beta of 1.73.

Matterport (NASDAQ:MTTR) last released its earnings results on Tuesday, February 20th. The company reported ($0.14) earnings per share for the quarter, hitting the consensus estimate of ($0.14). The business had revenue of $39.55 million for the quarter, compared to the consensus estimate of $40.11 million. Matterport had a negative net margin of 126.20% and a negative return on equity of 36.35%. On average, equities analysts forecast that Matterport, Inc. will post -0.45 EPS for the current 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.