Matterport climbs almost 20% on heavier-than-usual volume

Nov. 29, 2021 1:51 PM ETMatterport, Inc. (MTTR)By: Rex Crum, SA News Editor31 Comments

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  • Matterport (NASDAQ:MTTR) shares surged almost 20%, Monday, on heavy trading volume of the spatial-data technology company's shares.
  • Interest in Matterport (MTTR) was so high that by mid-day, almost 13 million shares of the company's stock had been exchanged. Matterport (MTTR) typically averages 4.8 million shares trading hands on a daily basis. The stock also hit a 52-week-high of $33.06 at one point.
  • Matterport (MTTR) went public in July via an SPAC. The company specializes in technology used to digitally scan buildings for use in virtual reality and 3D environments for real estate, hotel, industrial and facilities management and other industries.
  • Over the weekend, Wedbush analyst Dan Ives said that concerns about the Omicron variant of the Covid-19 virus is likely to result in investors making "further rotation into tech names" and that Matterport (MTTR) is top pick regarding the new metaverse concept promoted by Facebook (NASDAQ:FB).
  • Ives said that growth prospects for metaverse companies remain "unparalleled" at the present time.
  • "Variant fears only reinforce our belief that the cloud build out among enterprises is here to stay as more companies are prepared for a flexible [and] semi-remote workforce over the coming years," Ives said.
  • Last week, Matterport (MTTR) announced a broad expansion of its Capture Services On-Demand service that is used to create 3D digital "twins" of specified properties.

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