What's Going On With Matterport (MTTR) Shares Wednesday?

Matterport, Inc. MTTR shares are trading nearly 4% lower. The company on Wednesday announced Genesis, a generative AI service which enables customers to automatically generate dynamic and customizable digital twins of their physical property portfolios.

The Details:

The Genesis AI initiative will combine Matterport's digitized spatial data library composed of more than 30 billion square feet of physical space with the company's extensive AI expertise to empower customers to easily create digital twins properties. Digital twin properties allow customers to easily explore creative changes, modify layouts or decor and experiment with customizations to increase the efficiency and profitability of each property portfolio.

"Matterport has been at the forefront of the digital transformation of the built world for more than a decade, fueled by our early advances in artificial intelligence," said RJ Pittman, chairman and CEO of Matterport.

"Matterport is highly focused on delivering advanced AI capabilities across the digital twin platform to unlock new capabilities and upend how we manage property and space in the built world."

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MTTR Price Action: According to Benzinga Pro, Matterport stock was initially trading higher following the news, but has since pulled back and was down 3.58% at $2.83 at time of publication.

Photo: Courtesy of Matterport