Matterport (NASDAQ:MTTR) Updates Q2 2022 Earnings Guidance

Matterport (NASDAQ:MTTRGet Rating) issued an update on its second quarter 2022 earnings guidance on Tuesday morning. The company provided earnings per share guidance of -$0.15–$0.13 for the period, compared to the consensus earnings per share estimate of -$0.12. The company issued revenue guidance of $28.50 million-$30.50 million, compared to the consensus revenue estimate of $31.00 million.Matterport also updated its FY 2022 guidance to -$0.52–$0.47 EPS.

Shares of NASDAQ:MTTR traded up $0.16 during midday trading on Wednesday, hitting $5.14. The company’s stock had a trading volume of 87,767 shares, compared to its average volume of 10,112,276. The business’s 50 day simple moving average is $6.60 and its 200 day simple moving average is $12.90. The company has a market cap of $1.45 billion, a P/E ratio of -2.61 and a beta of 1.60. Matterport has a 12-month low of $3.94 and a 12-month high of $37.60.

Matterport (NASDAQ:MTTRGet Rating) last issued its earnings results on Tuesday, May 10th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.04. Matterport had a negative net margin of 233.50% and a negative return on equity of 53.37%. The company had revenue of $28.51 million for the quarter, compared to the consensus estimate of $27.47 million. During the same period in the previous year, the firm earned ($0.01) earnings per share. Matterport’s quarterly revenue was up 5.9% compared to the same quarter last year. Sell-side analysts forecast that Matterport will post -1.07 EPS for the current year.

A number of equities analysts have commented on MTTR shares. Morgan Stanley started coverage on shares of Matterport in a research note on Tuesday, April 19th. They set an equal weight rating and a $9.00 target price on the stock. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Matterport from $9.00 to $7.00 in a research note on Wednesday, May 11th. Piper Sandler reduced their price target on shares of Matterport from $10.00 to $7.00 in a research note on Friday, April 29th. Wedbush downgraded shares of Matterport from an outperform rating to a neutral rating and reduced their price target for the company from $10.00 to $6.00 in a research note on Tuesday, May 3rd. Finally, Credit Suisse Group reduced their price target on shares of Matterport from $23.00 to $13.00 and set an outperform rating on the stock in a research note on Thursday, March 24th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Buy and an average target price of $11.84.

In other news, Director Jason Krikorian sold 760,500 shares of the business’s stock in a transaction that occurred on Monday, May 23rd. The shares were sold at an average price of $5.37, for a total transaction of $4,083,885.00. Following the completion of the sale, the director now owns 20,433,549 shares in the company, valued at approximately $109,728,158.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Raymond J. Pittman purchased 20,000 shares of Matterport stock in a transaction that occurred on Thursday, February 24th. The stock was acquired at an average price of $6.61 per share, with a total value of $132,200.00. The disclosure for this purchase can be found here.

A number of institutional investors have recently made changes to their positions in MTTR. Vanguard Group Inc. grew its stake in Matterport by 171.4% in the 1st quarter. Vanguard Group Inc. now owns 11,882,193 shares of the company’s stock valued at $96,483,000 after acquiring an additional 7,504,573 shares during the last quarter. BlackRock Inc. raised its holdings in Matterport by 29.3% in the fourth quarter. BlackRock Inc. now owns 3,253,486 shares of the company’s stock valued at $67,152,000 after buying an additional 736,624 shares during the period. Goldman Sachs Group Inc. raised its holdings in Matterport by 737.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,574,336 shares of the company’s stock valued at $12,783,000 after buying an additional 1,821,154 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Matterport by 1.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 921,276 shares of the company’s stock valued at $7,481,000 after buying an additional 17,132 shares during the period. Finally, State Street Corp raised its holdings in Matterport by 20.4% in the first quarter. State Street Corp now owns 813,727 shares of the company’s stock valued at $6,607,000 after buying an additional 138,031 shares during the period. Institutional investors own 41.53% of the company’s stock.

About Matterport (Get Rating)

Matterport, Inc, a spatial data company, focuses on digitization and datafication of the built world. It offers Matterport digital twins, a 3D data platform to design, build, operate, promote, and understand spaces. The company offers Matterport Capture, an application that enables to capture depth, data, and imagery of a space using 3D cameras, 360 cameras, and iPhones; Matterport Workshop application to customize, add additional details, and share spaces; Matterport Showcase application for audience view and explore space in its final format; and Matterport VR to experience virtual reality.

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Earnings History and Estimates for Matterport (NASDAQ:MTTR)

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