What happened
Shares of Matterport (MTTR +0.00%) gained 14.3% on Monday, according to data from S&P Global Market Intelligence. The stock of the spatial-data company got a boost from the strength of the market in general, and particular strength in the tech sector, as we'll further explore in a moment.
For background: Matterport went public in July 2021 via a special purpose acquisition company (SPAC). Its tools enable users to create exact 3D digital replicas of physical spaces. Its technology positions the company as a potential major player in the metaverse, which can be thought of as a melding of the physical and virtual worlds.
Image source: Getty Images.
So what
Matterport released one piece of news on Monday: It has hired Tom Klein as chief marketing officer (CMO). Klein comes from Mailchimp, a leading marketing and commerce platform, where he was global CMO. While he seems to be a good hire for Matterport, this news probably was just a minor factor (if at all) in the stock's robust performance on Monday.
Technology stocks were on fire on the last day of the month, with the tech-heavy Nasdaq Composite index gaining 3.4%. The S&P 500 index also had a good showing, rising 1.9%. Monday's market strength was probably primarily due to many investors buying shares of companies -- such as Matterport -- that they believe have been beaten down too much. In 2022, tech stocks in particular have taken a beating because of the expectation that the Federal Reserve will soon begin raising interest rates and there will be several hikes this year.
Even with Monday's big pop, Matterport stock still dropped 53% in January. The S&P 500 and Nasdaq indexes fell 5.2% and 9%, respectively, in the first month of 2022.
Now what
Matterport hasn't yet announced a date for the release of its fourth-quarter and full-year 2021 results. It will probably be in early or mid March, according to Yahoo! Finance's earnings date estimate.
You can read my article on the company's third-quarter results here. To summarize, Matterport's total revenue grew just 10%, but its subscription revenue surged 36% year over year. Adjusted for one-time items, the loss per share was $0.06, compared to earnings per share of $0.01 in the year-ago period. That result was slightly better than the loss per share of $0.07 analysts had anticipated.
