Matterport (NASDAQ:MTTR) trades down 5.1% after analysts downgrade

Matterport, Inc. (NASDAQ:MTTR – Get Rating) stock price fell 5.1% midday on Friday after Credit Suisse Group lowered its price target on the stock by 23%. $.00 to $13.00. Credit Suisse Group currently has an outperform rating for the stock. Matterport traded as low as $7.72 and last traded at $7.78. 22,282 shares were traded at midday, down 100% from the average session volume of 12,280,714 shares. The stock had previously closed at $8.20.

Several other brokerages have also recently commented on the MTTR. Deutsche Bank Aktiengesellschaft lowered its price target on Matterport shares from $14.00 to $9.00 in a Friday, February 18 research report. Zacks Investment Research upgraded Matterport shares from a “hold” rating to a “buy” rating and set a price target of $7.75 for the company in a Saturday, February 26 report. Piper Sandler lowered her price target on Matterport shares from $26.00 to $10.00 and set an “overweight” rating for the company in a Thursday, Feb. 17 report. Finally, Wedbush cut its price target on Matterport shares from $38.00 to $10.00 in a report on Thursday, February 17. Seven analysts rated the stock with a buy rating. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $13.54.

Separately, CEO Raymond J. Pittman purchased 20,000 shares of the company in a transaction dated Thursday, February 24. The shares were purchased at an average price of $6.61 per share, with a total value of $132,200.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

A number of hedge funds and other institutional investors have recently changed their holdings to MTTR. Wolff Wiese Magana LLC bought a new position in Matterport in Q4 worth around $26,000. Captrust Financial Advisors bought a new position in Matterport in Q3 worth around $34,000. Vestcor Inc bought a new position in Matterport in Q3 worth around $36,000. Destiny Wealth Partners LLC bought a new position in Matterport in Q3 worth approximately $38,000. Finally, Rockefeller Capital Management LP increased its stake in Matterport by 400.0% in the 4th quarter. Rockefeller Capital Management LP now owns 1,875 shares of the company valued at $38,000 after buying an additional 1,500 shares in the last quarter. Institutional investors and hedge funds hold 33.26% of the company’s shares.

The company’s 50-day moving average is $8.28 and its 200-day moving average is $17.00.

Matterport (NASDAQ:MTTR – Get Rating) last released its quarterly earnings data on Wednesday, February 16. The company reported ($0.10) earnings per share (EPS) for the quarter, meeting analyst consensus estimates of ($0.10). The company posted revenue of $27.09 million in the quarter, versus a consensus estimate of $25.14 million. The company’s revenue increased 14.8% year over year. Stock analysts expect Matterport, Inc. to post -1.78 earnings per share for the current year.

Matterport Company Profile (NASDAQ: MTTR)

Matterport, Inc, a spatial data company, is focused on digitizing and indexing the built world. It offers Matterport digital twins, a 3D data platform for designing, building, operating, promoting and understanding spaces. The company offers Matterport Capture, an app that captures depth, data, and imagery of a space using 3D cameras, 360 cameras, and iPhones; Matterport Workshop app to customize, add extra details and share spaces; Matterport Showcase app to see the audience and explore the space in its final format; and Matterport VR to experience virtual reality.

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