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Investors are piling into this growth stock today.
*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.
Shares of spatial data company Matterport (MTTR +0.00%) jumped as much as 10.4% in trading on Thursday after the company announced another key hire. Shares closed the day up 6.8%.
Today, Matterport announced that Pranab Sinha is joining the company as chief information officer. He formerly held the same position at Genesys and has experience at MACOM Technology Solutions Holdings and Seagate Technology. This follows an announcement earlier this week that Jon Maron was joining as vice president of growth.
Image source: Matterport.
As Matterport matures as a public company, it is adding experienced staff to grow the business and these are two moves in that direction. It'll take time for any new hire to impact the business, but investors are seeing these as good moves today.
The jump in Matterport's stock seems a little exaggerated given the only news out today was about executive hires. But growth stocks like this can pop on very little news, so it may just have been momentum driving shares higher.
This is why it's best to look for long-term investment opportunities. I like Matterport's potential, but it's impossible to know when the stock will pop and when it might crash. Given the company's bright future, I'm certainly not selling the pop in shares today and will look for continued operational improvement in the next few quarters as the company establishes itself in the spatial data market.