Matterport, Inc. (NASDAQ:MTTR) CEO Raymond J. Pittman has sold a significant portion of his shares in the company, according to a recent filing with the Securities and Exchange Commission. Over a span of three days, Pittman disposed of a total of 198,526 shares of Class A common stock, with the transactions totaling approximately $959,687.
The sales took place between September 4 and September 6, with prices per share ranging from $4.1583 to $4.3596. On September 4, Pittman sold 124,139 shares at an average price of $4.3596, followed by 74,214 shares on September 5 at an average price of $4.2285, and finally, 25,173 shares on September 6 at an average price of $4.1583.
The SEC filing notes that these stock sales were automatically executed to cover taxes and fees associated with the vesting and settlement of restricted stock unit awards. It's a common practice for executives to sell shares in this manner to satisfy tax obligations that arise from the vesting of equity awards.
Following these transactions, CEO Raymond J. Pittman still holds a substantial amount of Matterport shares, with ownership standing at 3,859,670 shares after the sales were completed.
Investors and shareholders can request detailed information about the exact number of shares sold at each price point within the ranges provided, as indicated in the footnotes of the SEC filing.
Matterport, headquartered in Sunnyvale, California, specializes in prepackaged software services and has seen its stock undergo various fluctuations over the past year. The company's shares are publicly traded on the NASDAQ under the ticker symbol MTTR.
In other recent news, Matterport, Inc. has made substantial strides in its merger with CoStar Group (NASDAQ:CSGP), Inc. The merger agreement, which received overwhelming support from shareholders, is expected to enhance Matterport's offerings in the prepackaged software services industry and create value for stockholders. Despite a "Second Request" from the Federal Trade Commission for additional information related to the merger, both companies anticipate the transaction to be completed in the fourth quarter of 2024.
In addition to the merger, 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.
On the analyst front, Deutsche Bank (ETR:DBKGn) raised its price target for Matterport to $5.50, following the merger announcement, and Northland initiated coverage of Matterport with an Outperform rating. The company's technology has also been adopted by UK-based home extension company Resi. These are the latest developments in Matterport's ongoing growth and corporate structure.
InvestingPro Insights
In light of the recent share sales by Matterport's CEO, Raymond J. Pittman, investors may be seeking additional context on the company's financial health and market performance. According to InvestingPro data, Matterport currently holds a market capitalization of $1.34 billion. Despite a challenging earnings outlook, as analysts do not expect the company to be profitable this year, Matterport's stock has experienced a large price uptick over the last six months, with a 116.49% return in that period.
InvestingPro Tips highlight that Matterport has more liquid assets than short-term obligations, which could be indicative of the company's ability to manage its immediate financial responsibilities. Additionally, Matterport's high return over the last year, at 61.54%, may interest investors looking for growth potential in the tech sector.
From a valuation perspective, the company's Price/Earnings (P/E) ratio stands at -4.92, reflecting its current lack of profitability. Matterport's Price to Book ratio as of the last twelve months ending Q2 2024 is 3.23, which might suggest that the stock is trading at a premium relative to its book value.
For investors seeking a deeper dive into Matterport's financials and strategic positioning, there are additional InvestingPro Tips available at https://www.investing.com/pro/MTTR. These include insights into the company's balance sheet strength and profitability measures, which can provide a more comprehensive understanding of Matterport's current market standing and future outlook.
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