Matterport's chief legal officer sells shares worth over $140k

Matterport, Inc.'s (NASDAQ:MTTR) Chief Legal Officer, Matthew Zinn, has recently engaged in transactions involving the company's stock, according to the latest filings. The transactions included both acquiring and disposing of Matterport's Class A Common Stock.

On September 1, 2024, Zinn acquired 45,455 shares of Matterport stock at no cost, which is often indicative of stock options being exercised or the vesting of restricted stock units. Following this transaction, Zinn held a total of 513,495 shares in the company.

However, on September 3, 2024, Zinn sold 31,808 shares of Class A Common Stock at a weighted average price of $4.4125, with individual sales prices ranging from $4.35 to $4.46. This sale resulted in a total transaction value of approximately $140,352. The filings indicated that the shares were sold automatically to cover taxes and fees related to the vesting of restricted stock unit awards, a common practice for executive compensation.

After the sale, Zinn's ownership in Matterport decreased to 481,687 shares. The transactions come as part of the regular financial activities of company insiders and are reported to provide transparency to investors and the market.

Investors and followers of Matterport, Inc. can access full details of the transactions upon request, including the number of shares sold at each price within the specified range. The restricted stock units mentioned in the transactions will continue to vest in quarterly installments until fully vested by March 1, 2028.

These insider transactions are part of the routine disclosure required by company executives and are publicly filed to ensure market transparency.

In other recent news, Matterport, Inc. has been making significant strides. The company's shareholders have approved a merger agreement with CoStar Group (NASDAQ:CSGP), Inc., a development viewed as a critical step in the consolidation process expected to enhance Matterport's offerings in the prepackaged software services industry. The two companies anticipate completing the transaction in the fourth quarter of 2024, despite a "Second Request" from the Federal Trade Commission for additional information related to the merger.

In recent developments, Michael Gustafson was elected as a Class III director, and PricewaterhouseCoopers LLP was ratified 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.

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 also initiated coverage of Matterport with an Outperform rating, demonstrating confidence in the company's growth potential.

Lastly, UK-based home extension company Resi has adopted Matterport's technology, reflecting the increasing recognition of its innovative technology in the market. These are the latest developments in Matterport's ongoing growth and corporate structure.

InvestingPro Insights

Matterport, Inc. (NASDAQ:MTTR) has made headlines with recent insider transactions involving Chief Legal Officer Matthew Zinn. To add context to these corporate maneuvers, InvestingPro provides valuable insights into the company's financial health and performance.

InvestingPro Data reveals that Matterport holds a market capitalization of approximately $1.37 billion. Despite a challenging market, the company's stock has experienced a significant price uptick over the last six months, with a 126.32% return. This surge is reflected in the year-to-date price total return of 59.85% and a 1-year price total return of 65.38%.

InvestingPro Tips suggest that while Matterport is currently not profitable, with a negative P/E ratio of -5.02, the company boasts a strong balance sheet. A notable highlight is that the firm holds more cash than debt, providing a level of financial stability. Additionally, Matterport's liquid assets exceed its short-term obligations, indicating the company's ability to meet its immediate financial commitments.

For investors considering Matterport's potential, it's worth noting that analysts do not anticipate the company will be profitable this year. However, the company's significant price appreciation over recent months may be of interest to growth-oriented investors. Matterport does not pay a dividend, which is typical for companies focused on reinvesting earnings into growth initiatives.

For those seeking more in-depth analysis, InvestingPro offers additional tips on Matterport, Inc., which can be accessed at https://www.investing.com/pro/MTTR. These tips provide further insights that could help investors make more informed decisions regarding their investment in Matterport.

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