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

Matterport, Inc. (NASDAQ:MTTR) shares saw unusually-high 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. Approximately 7,308,634 shares changed 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.

MTTR has been the subject of a number of other research reports. BTIG Research initiated coverage on shares of Matterport in a research note on Friday, January 19th. They set a “neutral” rating for the company. Northland Securities assumed coverage on shares of Matterport in a research note on Thursday, April 11th. They issued an “outperform” rating and a $3.50 price objective for the company. Finally, Wedbush reduced their price objective on shares of Matterport from $5.00 to $4.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Matterport presently has a consensus rating of “Hold” and a consensus price target of $4.17.

Insider Buying and Selling

In other news, CEO Raymond J. Pittman sold 69,539 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $1.94, for a total transaction of $134,905.66. Following the transaction, the chief executive officer now owns 3,231,873 shares in the company, valued at approximately $6,269,833.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Raymond J. Pittman sold 69,539 shares of Matterport stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $1.94, for a total transaction of $134,905.66. Following the sale, the chief executive officer now directly owns 3,231,873 shares in the company, valued at approximately $6,269,833.62. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Matthew Zinn sold 56,080 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $1.94, for a total transaction of $108,795.20. Following the completion of the transaction, the insider now owns 280,284 shares in the company, valued at $543,750.96. The disclosure for this sale can be found here. Insiders have sold 437,909 shares of company stock worth $884,072 in the last quarter. 16.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Matterport

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MTTR. SG Americas Securities LLC acquired a new position in Matterport in the third quarter valued at about $559,000. Exchange Traded Concepts LLC lifted its position in shares of Matterport by 6.1% during the third quarter. Exchange Traded Concepts LLC now owns 3,095,413 shares of the company’s stock worth $6,717,000 after purchasing an additional 178,460 shares in the last quarter. Commonwealth Equity Services LLC lifted its position in shares of Matterport by 132.0% during the third quarter. Commonwealth Equity Services LLC now owns 272,367 shares of the company’s stock worth $591,000 after purchasing an additional 154,961 shares in the last quarter. Raymond James & Associates lifted its position in shares of Matterport by 7.2% during the third quarter. Raymond James & Associates now owns 294,342 shares of the company’s stock worth $639,000 after purchasing an additional 19,760 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Matterport by 54.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 59,941 shares of the company’s stock worth $130,000 after purchasing an additional 21,179 shares in the last quarter. 36.96% of the stock is currently owned by institutional investors and hedge funds.

Matterport Stock Down 4.5 %

The stock’s 50-day moving average price is $2.09 and its 200-day moving average price is $2.30. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of -6.92 and a beta of 1.73.

Matterport (NASDAQ:MTTR) last announced its earnings results on Tuesday, February 20th. The company reported ($0.14) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.14). The company had revenue of $39.55 million for the quarter, compared to analyst estimates 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 research analysts anticipate that Matterport, Inc. will post -0.45 EPS for the current 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.