Why Matterport Stock Is Rocketing Higher Today
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.
Source Fool.com
