What's Going On With Matterport Inc Stock?

Matterport, Inc. MTTR shares are trading higher Tuesday. The company reported its third-quarter financial results after the market close on Monday.

The Details:

Matterport reported quarterly losses of 4 cents per share, beating the analyst consensus estimate of a loss of 6 cents and quarterly sales of $40.64 million which beat the analyst consensus estimate of $39.13 million.

The company raised its full year guidance for revenue and Non-GAAP loss per share, attributing the raise to "continued strong demand for digital twins, combined with robust gross margins and continued operating discipline," according to the press release.

On Tuesday, Piper Sandler analyst Brent Bracelin maintained Matterport with a Neutral and raised its price target from $2 to $2.5.

Morgan Stanley analyst Elizabeth Porter maintained Matterport with an Equal-Weight and lowered the price target from $3.50 to $3.

Matterport shares are moving on heavy trading volume following the company's earnings report. According to data from Benzinga Pro, more than 5.4 million shares have been traded in the session, compared to the stock's 100-day average of 2.11 million shares.

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MTTR Price Action: According to Benzinga Pro, Matterport shares are up more than 20% at $2.56 at the time of publication.

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