5 Penny Stocks That Can Grow Big in 2023

2. Matterport, Inc. (NASDAQ:MTTR)

Number of Hedge Fund Holders: 7

Matterport, Inc. (NASDAQ:MTTR) is a Sunnyvale, California-based creator of a 3D media platform that is used to make 3D and virtual reality models. The company, founded in 2011, claims that its platform reduces development time by 50%, resulting in 20 times cost savings. Matterport, Inc. (NASDAQ:MTTR) has thousands of businesses across over 150 countries as its customer.

In a report published on November 11, Brent Bracelin at Piper Sandler increased the price target on Matterport, Inc. (NASDAQ:MTTR) from $5 to $6 and reiterated an Overweight rating. The analyst noted that the company posted strong Q3 2022 results due to growth in subscriptions. Matterport, Inc. (NASDAQ:MTTR) revealed that the backlog for its 3D camera, Pro2, was cleared and the Pro3 platform was also positively received by the market. The acquisition of VHT Studios has also improved the outlook of Matterport, Inc. (NASDAQ:MTTR), making it one of the best penny stocks in the market.

As of Q3 2022, Matterport, Inc. (NASDAQ:MTTR) was held by 7 hedge funds.

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