Matterport, Inc. (NASDAQ:MTTR) Sees Large Decrease in Short Interest

Matterport, Inc. (NASDAQ:MTTRGet Rating) saw a large decrease in short interest in the month of May. As of May 31st, there was short interest totalling 28,680,000 shares, a decrease of 14.9% from the May 15th total of 33,720,000 shares. Based on an average trading volume of 7,080,000 shares, the days-to-cover ratio is presently 4.1 days. Currently, 12.7% of the shares of the company are sold short.

NASDAQ MTTR traded up $0.26 during trading hours on Friday, reaching $4.10. 229,460 shares of the stock traded hands, compared to its average volume of 6,026,180. The company has a market cap of $1.16 billion, a price-to-earnings ratio of -2.01 and a beta of 1.60. The stock has a 50 day simple moving average of $5.50 and a two-hundred day simple moving average of $10.64. Matterport has a 1 year low of $3.62 and a 1 year high of $37.60.

Matterport (NASDAQ:MTTRGet Rating) last posted its quarterly earnings results on Tuesday, May 10th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of ($0.46) by $0.69. The firm had revenue of $28.51 million for the quarter, compared to the consensus estimate of $27.47 million. Matterport had a negative net margin of 233.50% and a negative return on equity of 53.37%. The business’s revenue was up 5.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.01) earnings per share. On average, equities research analysts expect that Matterport will post -1.07 earnings per share for the current fiscal year.

Several research analysts have commented on the company. Wedbush downgraded Matterport from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $10.00 to $6.00 in a research note on Tuesday, May 3rd. Credit Suisse Group cut their price objective on shares of Matterport from $23.00 to $13.00 and set an “outperform” rating for the company in a research report on Thursday, March 24th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Matterport from $9.00 to $7.00 in a report on Wednesday, May 11th. Piper Sandler cut their price target on shares of Matterport from $10.00 to $7.00 in a report on Friday, April 29th. Finally, Morgan Stanley assumed coverage on shares of Matterport in a research report on Tuesday, April 19th. They set an “equal weight” rating and a $9.00 price target for the company. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Matterport currently has a consensus rating of “Buy” and a consensus target price of $12.43.

In related news, CFO James Daniel Fay sold 74,373 shares of Matterport stock in a transaction that occurred on Tuesday, June 7th. The shares were sold at an average price of $5.03, for a total value of $374,096.19. Following the completion of the transaction, the chief financial officer now directly owns 749,097 shares in the company, valued at approximately $3,767,957.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Japjit Tulsi sold 60,000 shares of the stock in a transaction on Tuesday, June 14th. The stock was sold at an average price of $3.89, for a total value of $233,400.00. Following the sale, the chief technology officer now owns 346,486 shares in the company, valued at approximately $1,347,830.54. The disclosure for this sale can be found here. Insiders have sold a total of 2,090,550 shares of company stock valued at $11,075,908 in the last quarter. 24.20% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of MTTR. DCM International VI Ltd. bought a new stake in Matterport in the 4th quarter worth $409,870,000. Qualcomm Inc. DE bought a new stake in shares of Matterport in the fourth quarter worth about $233,768,000. Vanguard Group Inc. increased its holdings in Matterport by 171.4% during the 1st quarter. Vanguard Group Inc. now owns 11,882,193 shares of the company’s stock valued at $96,483,000 after purchasing an additional 7,504,573 shares during the period. Wafra Inc. bought a new position in Matterport during the 4th quarter valued at approximately $102,274,000. Finally, Morgan Stanley purchased a new stake in Matterport in the 3rd quarter worth approximately $71,819,000. Institutional investors and hedge funds own 41.53% of the company’s stock.

Matterport Company Profile (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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