Stock Market Recession 2022: 5 Stocks to Sell Now According to Analysts

2. Matterport, Inc. (NASDAQ:MTTR)

Number of Hedge Fund Holders: 19

Matterport, Inc. (NASDAQ:MTTR) is a California-based spatial data company that offers multiple 3D and VR data platforms to design, build, and understand spaces. The company provides its services to the real estate, travel and hospitality, retail, insurance, industrial, architecture, engineering, and construction industries. These sectors are likely to see a demand slowdown amid recession, which does not bode well for Matterport, Inc. (NASDAQ:MTTR). 

Wedbush analyst Daniel Ives downgraded Matterport, Inc. (NASDAQ:MTTR) on May 3 to Neutral from Outperform, lowering the price target to $6 from $10. Despite growth in Q1 2022, the analyst observed that there have been prominent headwinds for Matterport, Inc. (NASDAQ:MTTR). He believes that significant exposure to the real estate sector is a clear negative in this macro environment and the growth story projected for Matterport, Inc. (NASDAQ:MTTR) will take much longer to materialize. 

According to Insider Monkey’s Q4 data, 19 hedge funds were bullish on Matterport, Inc. (NASDAQ:MTTR), with combined stakes worth $247.7 million, down from 22 funds in the last quarter, holding stakes in the company valued at $371.5 million. Chase Coleman’s Tiger Global Management is the leading shareholder of Matterport, Inc. (NASDAQ:MTTR), with 7.50 million shares worth $154.8 million. 

Here is what Miller Opportunity Equity has to say about Matterport, Inc. (NASDAQ:MTTR) in its Q4 2021 investor letter:

“Matterport Inc. (MTTR) continued to be a strong contributor during the quarter after Matterport’s ability to contribute to the building of the metaverse was brought to light. The company reported 3Q results that missed consensus due to unexpected supply constraints and labor shortage in its capture services. The company reported total sales of $27.7M below consensus of $29.1M but with gross profit beating coming in at $15.2M versus $15.1M expected leading to an EPS loss of -$0.06 slightly better than consensus of -$0.07. The company lowered full-year revenue guidance to $107-110M down from $120-126M previously while also lowering FY22 topline guidance to 50% growth from 65% at the time of the PIPE transaction due to continuing supply constraints and labor shortage.”