Matterport’s chief revenue officer sells shares worth over $136k By Investing.com

Matterport, Inc. (NASDAQ:) reported that its Chief Revenue Officer, Remley Jay, has recently engaged in transactions involving the company’s Class A Common Stock. On September 3, 2024, Jay sold a total of 30,974 shares at prices ranging from $4.35 to $4.46, with the weighted average price being $4.4157 per share. The total value of the shares sold amounts to approximately $136,771.

The sales conducted by Jay were part of an automatic transaction to cover taxes and fees related to the vesting and settlement of restricted stock unit awards. This type of transaction is common among executives and is often set up in a non-discretionary manner, meaning that the executive does not have direct control over the exact timing of the sale.

Investors may note that the transactions occurred shortly after the vesting of restricted stock units. According to the footnotes in the SEC filing, the restricted stock units in question commenced vesting in March 2023 and March 2024, with the underlying shares set to vest in equal quarterly installments until fully vested in March 2027 and March 2028, respectively.

It is important for investors to keep an eye on insider transactions as they can provide insights into an executive’s view of the company’s stock value and financial health. However, transactions such as these, which are related to the vesting of equity awards, are often planned in advance and may not necessarily reflect a change in the executive’s outlook on the company.

Matterport, headquartered in Sunnyvale, California, specializes in prepackaged software services and has been incorporated in Delaware. The company’s business address and the reporting owner’s address are the same, indicating close ties between the executive’s role and the company’s operations.

Investors and shareholders can request more detailed information about the transactions from Matterport, Inc. if needed. The company’s stock continues to be actively traded on NASDAQ, and these transactions represent the latest insider activity reported by the company.

In other recent news, Matterport, Inc. has made significant strides in its merger with CoStar Group (NASDAQ:), Inc. The merger agreement, which was approved by a majority of shareholders, is a key step in the consolidation process expected to enhance Matterport’s offerings in the prepackaged software services industry. The merger has also received a “Second Request” from the Federal Trade Commission (FTC) for additional information, but both companies anticipate the transaction to be completed in the fourth quarter of 2024, subject to customary closing conditions.

In recent developments, Matterport shareholders elected Michael Gustafson as a Class III director and ratified the selection of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. However, a proposed amendment regarding the waiver of corporate opportunities did not pass.

In the financial sector, Deutsche Bank has raised its price target for Matterport’s shares to $5.50, following the announcement of the merger agreement with CoStar Group. Northland, on the other hand, has initiated coverage of Matterport with an Outperform rating. Lastly, Matterport’s technology has been adopted by UK-based home extension company Resi, indicating an increasing recognition of its innovative technology in the market.

InvestingPro Insights

As Matterport, Inc. (NASDAQ:MTTR) navigates through its financial journey, recent data from InvestingPro provides a snapshot of the company’s market position. With a market capitalization of $1.37 billion, Matterport is maintaining a presence in the prepackaged software services sector. Despite the insider transactions, it’s noteworthy that the company holds more cash than debt on its balance sheet, which is a positive signal for investors considering the company’s financial stability.

InvestingPro data shows that Matterport’s revenue for the last twelve months as of Q2 2024 stands at $162.28 million, with a gross profit margin of 47.72%. These figures suggest that while the company is generating significant revenue, it is not currently profitable, as indicated by the negative earnings per share (EPS) of -$0.86. Analysts contributing to InvestingPro do not anticipate the company will be profitable this year, which aligns with the reported operating income margin of -109.21%.

On the growth front, Matterport has experienced a large price uptick over the last six months, with a remarkable 113.93% return. This momentum is reflected in the year-to-date price total return of 59.85%. However, it’s important to note that the company does not pay dividends to shareholders, which may influence investment strategies focused on income generation.

For investors seeking further insights and analysis, there are additional InvestingPro Tips available for Matterport, including details on the company’s liquidity and return over the past year. Readers interested in a deeper dive can find more tips at InvestingPro’s dedicated Matterport page (https://www.investing.com/pro/MTTR).

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.