Matterport, Inc. (NASDAQ:MTTR) Chief Executive Officer, Raymond J. Pittman, has recently engaged in significant trading activity, according to the latest Form 4 filing with the Securities and Exchange Commission. The transactions included both acquisitions and disposals of the company's Class A Common Stock.
On May 31, 2024, Pittman acquired 3,000 shares of Matterport's Class A Common Stock at a price of $2.2865 per share, totaling $6,859. This transaction was part of the company's Employee Stock Purchase Plan, as indicated in the filing's footnotes. Following this purchase, the CEO's total holdings increased to 3,699,483 shares.
Subsequent transactions on June 1, 2024, involved the acquisition of 57,500 and 147,727 shares at no cost, which the report indicates is related to the vesting of restricted stock units (RSUs). These acquisitions did not affect the CEO's cash position as they were part of a pre-determined vesting schedule.
However, the most substantial transactions reported were sales of Class A Common Stock on June 3 and June 4, 2024. Pittman sold a total of 209,180 shares at a weighted average price of $4.4085, with individual sales ranging from $4.36 to $4.43. An additional 149,430 shares were sold at a weighted average price of $4.3544, with prices ranging from $4.32 to $4.435. The combined total from these sales amounted to $1,572,848. The footnotes clarify that these sales were automatically executed to cover taxes and fees associated with the vesting of RSUs.
Following these sales, Pittman's ownership in Matterport decreased to 3,546,100 shares of Class A Common Stock. The footnotes further explain that each RSU represents a contingent right to receive one share of the company's Class A Common Stock, with a vesting schedule set to continue through March 2028.
Investors and followers of Matterport, Inc. can find detailed information about these transactions in the SEC filing, which provides a transparent view of executive trading within the company.
InvestingPro Insights
In light of the recent trading activity by Matterport's CEO, Raymond J. Pittman, investors may be keen on understanding the broader financial context of the company. Matterport, Inc. (NASDAQ:MTTR) presents a mixed financial picture, with some key metrics from InvestingPro providing additional insights into the company's performance and stock behavior.
One of the critical InvestingPro Data points to consider is the company's market capitalization, which currently stands at approximately $1.37 billion USD. This valuation comes despite the company's negative P/E ratio of -7.34, reflecting that Matterport is not currently profitable. Additionally, the company's revenue growth over the last twelve months as of Q1 2024 has been modest at 9.63%, indicating a slower pace in increasing its top line.
From the perspective of stock performance, Matterport has experienced a strong return over the last three months, with a price total return of 116.42%. This significant uptick is part of a larger trend, with a 61.71% year-to-date return and a 66.67% return over the last year. These figures suggest that despite the lack of profitability, investors have seen substantial gains in share value over recent periods.
InvestingPro Tips highlight a couple of notable aspects about Matterport's financial health. Firstly, the company holds more cash than debt on its balance, which is a positive sign for financial stability. Secondly, the stock is currently in overbought territory according to the Relative Strength Index (RSI), which could signal caution for potential investors looking at the recent price surge.
For readers interested in a deeper analysis, there are additional InvestingPro Tips available for Matterport, Inc., providing a comprehensive look at the company's financials and market performance. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and gain access to these valuable insights.
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