Here’s Why Matterport (NASDAQ:MTTR) Stock Surged over 30% Today
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Here’s Why Matterport (NASDAQ:MTTR) Stock Surged over 30% Today

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Matterport stock rallied in pre-market today on a narrower-than-feared quarterly loss in Q3 and record high revenue growth.

American spatial data company Matterport, Inc. (NASDAQ:MTTR) is surging over 30% in pre-market trading at the time of writing due to strong Q3 results. Matterport reported a third-quarter Fiscal 2022 adjusted loss of $0.09 per share, narrower than analysts’ expected loss of $0.13 per share.

Moreover, revenues of $37.99 million jumped 37% year-over-year, thanks to a 21% rise in Subscription revenue and 204% growth in Services revenue. Notably, total subscribers leaped 50% year-over-year to 657,000, and Spaces Under Management (SUM) advanced 40% to 8.9 million in the quarter.

Going ahead, Matterport expects fourth-quarter revenue to fall in the range of $39 million to $41 million, while the consensus is pegged at $38.78 million. Also, the company expects the Q4FY22 adjusted loss to be between $0.09-$0.11 per share, and the consensus is pegged marginally higher at $0.12 per share.

What is Matterport Stock Price Target?

Following Matterport’s solid Q3 print, Piper Sandler analyst Brent Bracelin lifted the price target on MTTR stock to $6 (98% upside potential) from $5 while maintaining a Buy rating.  

On TipRanks, the average Matterport price target is $6.17, which implies a massive 103.6% upside potential from current levels. Further, analysts have a Moderate Buy consensus rating on MTTR stock based on two Buys versus two Holds. Meanwhile, the stock has lost 84.5% so far this year.



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