Matterport (NASDAQ:MTTR) Sees Strong Trading Volume After 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 were traded 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.

Other equities analysts have also issued reports about the stock. Wedbush reduced their target price on shares of Matterport from $5.00 to $4.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Northland Securities initiated coverage on shares of Matterport in a research report on Thursday, April 11th. They set an “outperform” rating and a $3.50 target price on the stock. Finally, BTIG Research initiated coverage on shares of Matterport in a research note on Friday, January 19th. They set a “neutral” rating for the company. Six research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $4.50.

Insider Buying and Selling

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 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 $6,818,530.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Raymond J. Pittman sold 69,539 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $1.94, for a total value of $134,905.66. Following the completion of the transaction, the chief executive officer now owns 3,231,873 shares in the company, valued at $6,269,833.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Raymond J. Pittman sold 72,096 shares of the company’s 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 disclosure for this sale can be found here. Insiders sold a total of 437,909 shares of company stock valued at $884,072 over the last ninety days. Insiders own 16.10% of the company’s stock.

Institutional Inflows and Outflows

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

Matterport Stock Up 0.9 %

The company’s fifty day moving average price is $2.18 and its two-hundred day moving average price is $2.33. The company has a market cap of $1.44 billion, a price-to-earnings ratio of -7.03 and a beta of 1.73.

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