Matterport, Inc. (NASDAQ:MTTR) has disclosed in a recent filing that its Chief Legal Officer, Matthew Zinn, has sold a significant number of shares in the company. The transactions, which took place between June 3 and June 4, involved the sale of 84,441 shares of Class A Common Stock, resulting in total proceeds of over $370,000.
According to the filing, the shares were sold at prices ranging from $4.32 to $4.435, with the majority being sold at a weighted average price between $4.3544 and $4.4085. These sales were made as part of an automatic transaction to cover taxes and fees related to the vesting and settlement of restricted stock unit awards.
In addition to the sales, the report also indicated that Zinn acquired 45,454 shares on June 1 through the vesting of restricted stock units. The acquired shares from this transaction were valued at $0, as they represent a contingent right to receive shares of the company's stock.
Furthermore, Zinn purchased 3,000 shares under the company's Employee Stock Purchase Plan at a price of $2.2865 per share, totaling $6,859. This transaction was reported to have taken place on May 31.
After these transactions, Zinn's direct ownership in Matterport, Inc. stands at 355,224 shares of Class A Common Stock, as per the latest filing.
Investors often monitor insider transactions such as these for insights into the perspectives of high-level executives within a company. The sale of a large number of shares by an insider may be of particular interest to current and potential shareholders.
Matterport, known for its services in prepackaged software, has been a subject of investor interest since it went public via a merger with Gores Holdings VI , Inc. The company, headquartered in Sunnyvale, California, continues to be a prominent player in the technology sector.
InvestingPro Insights
Matterport, Inc. (NASDAQ:MTTR) is navigating a complex financial landscape, as reflected in recent insider transactions and the company's performance metrics. With a market capitalization of approximately $1.37 billion as of the first quarter of 2024, the company's financial health and growth prospects are critical for investors.
InvestingPro data indicates that Matterport has a negative P/E ratio of -7.41, suggesting that the company is currently not profitable. Despite this, Matterport has achieved a notable revenue growth of 9.63% over the last twelve months leading up to Q1 2024, signaling potential for future gains. Additionally, the company's gross profit margin stands at a strong 46.37%, which could be indicative of efficient operations and a solid business model.
InvestingPro Tips highlight that Matterport holds more cash than debt, which is a positive sign of financial stability. Furthermore, the company's liquid assets exceed its short-term obligations, providing a cushion for operational needs or unexpected expenses. However, analysts do not anticipate the company will be profitable this year, which may be a point of concern for investors looking for immediate returns.
On the stock performance front, the company has seen a strong return over the last three months, with a price total return of 116.42%. This could be an indication of growing investor confidence in the company's future prospects. The stock has also experienced a large price uptick over the last six months, with a 61.71% return, further underscoring its recent market momentum.
For those looking to delve deeper into Matterport's financials and stock performance, InvestingPro offers additional insights and tips. There are 9 more InvestingPro Tips available for Matterport, which can be accessed at https://www.investing.com/pro/MTTR. Investors interested in these exclusive insights can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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