1. Matterport, Inc. (NASDAQ:MTTR)
Market Cap as of September 13: $1.42 Billion
Enterprise Value: $1.06 Billion
Hedge Funds Holding Stakes as of Q2 2024: 25
Matterport, Inc. (NASDAQ:MTTR) is one of the best debt-free penny stocks to buy now to gain exposure in the technology sector. Operating as a spatial data company, it focuses on digitization and datafication. It offers Matterport Capture Services, a fully managed solution for enterprise subscribers; Matterport Pro3, a 3D camera that scans properties; and Matterport Pro2.
Matterport, Inc. (NASDAQ:MTTR), recognized for its spatial data software specializing in converting and cataloging the constructed environment, has been active in the packaged software sector. Resi, a company based in the U.K. specializing in home extensions, has embraced its technology, showcasing the growing acknowledgment of its cutting-edge technology within the industry.
It has also achieved notable progress in its acquisition by CoStar, with shareholders approving the merger, marking an essential phase in the amalgamation process. The companies expect the deal to be finalized by the fourth quarter of 2024.
During the second quarter of 2024, the business earned $2.22 million in income, which fell short of the market predictions by $2.27 million. This marked a 6.69% increase compared to the previous year. The earnings per share came in at $0.02, matching the market’s forecasts. The number of subscribers rose by 28% year-over-year, bringing the total to 1.06 million. The company broadened its geographical reach by 33% from the previous year, covering a total of 44.0 billion square feet.
Matterport, Inc. (NASDAQ:MTTR) remains in good financial health, having enough liquid assets to cover its short-term debts, which affirms why it is one of the best debt-free penny stocks to buy now. Additionally, the company’s balance sheet is strengthened by having more cash than debt, indicating a favorable outlook for its financial adaptability in the future. Its total debt as of the end of June stood at $820,000.
As of Q2 2024, Matterport, Inc. (NASDAQ:MTTR) has 25 hedge fund holders. The most prominent among them is Magnetar Capital, holding a stake valued at $27.60 million.
The best debt-free penny stocks to buy now are dirt-cheap stocks with tremendous upside potential and poised to generate significant long-term value. However, given that the artificial intelligence arms race is just starting, under-the-radar A.I. stocks are trading at highly discounted valuations with greater promise for anyone looking to diversify their portfolio. If you are looking for an A.I. stock that is more promising than the top activist investment plays, check out our report about the cheapest A.I. stock.
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