On Monday, Matterport Inc. (NASDAQ:MTTR) shares rallied more than 20% after registering an unusually high trading volume. The 3D spatial technology company witnessed a trading volume of more than 18.7 million, substantially exceeding its average daily trading volume of about 4.8 million.
Matterport recently expanded its regional coverage of Matterport Capture Services On-Demand by 55%, including 16 new US cities and 20 in the UK for its service map. Its mobile app and pro 3D camera help to transform space, such as property, into an immersive and precise 3D digital twin, allowing customers to share it with potential suitors.
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Matterport is tipped to benefit significantly from the metaverse, a technological shift popularised by Facebook.
Is there time left to buy?
From an investment perspective, Matterport shares seem to have spiked significantly, thus potentially overvaluing the stock for short-term investors.
However, the company is targeting an emerging industry that could disrupt the real estate market. In addition, Matterport products could be integrated into the metaverse whilst also utilising augmented reality to create more revenue streams.
Therefore, although the company missed expectations in its most recent quarterly results, sparking cautious FY2021 guidance, the long-term outlook appears exciting.
Technically, Matterport shares seem to have recently spiked to trade at new all-time highs. As a result, the stock has rallied into the overbought conditions of the 14-day RSI.
Therefore, investors could target technical pullbacks at about $28.99, or lower at $25.13, while $36.62 and $40.05 are crucial resistance zones.
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