MTTR - Why Matterport Stock Is Rocketing Higher Today
2024-04-22 13:26:37 ET
Online real estate marketplace CoStar Group (NASDAQ: CSGP) has agreed to buy Matterport (NASDAQ: MTTR) for a significant premium to the target's Friday close. Investors are rallying into Matterport shares, sending the stock up 180% as of 1 p.m. Monday.
Matterport is a spatial data company focused on providing 3D floor plans and the cameras and other technology needed to create them for the real estate , construction, and hospitality industries. The company went public in July 2021 and the stock quickly shot higher, but the shares closed Friday about 80% off of their all-time high.
CoStar, a real estate data platform, sees value in the company's tools. The company agreed to acquire Matterport for $1.6 billion in cash, stock, and assumed debt. Matterport holders would get $2.75 per share in cash and CoStar stock worth $2.75 as of Friday's close for each share held, a premium of about 216% from Friday's close.
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Why Matterport Stock Is Rocketing Higher Today