Meta Materials Inc. (NASDAQ:MMAT – Get Rating) shares gapped down before the market opened on Thursday . The stock had previously closed at 1.46, but opened at 1.39. Meta Materials shares last traded at 1.48, with a volume of 29,476 shares changing hands.
Analysts Set New Price Targets
Separately, Cormark reiterated a "buy" rating and issued a $3.75 target price on shares of Meta Materials in a research note on Monday, November 21st.
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Meta Materials Stock Performance
The company has a current ratio of 1.29, a quick ratio of 1.28 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $511.56 million, a PE ratio of -4.42 and a beta of 2.02. The firm's 50-day simple moving average is 1.40 and its 200-day simple moving average is 1.17.
Meta Materials (NASDAQ:MMAT – Get Rating) last announced its quarterly earnings data on Wednesday, November 9th. The company reported -0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of -0.05 by -0.02. The firm had revenue of 2.46 million during the quarter, compared to the consensus estimate of 3.45 million. Meta Materials had a negative return on equity of 25.59% and a negative net
margin of 845.99%. On average, research analysts predict that Meta Materials Inc. will post -0.25 earnings per share for the current year.
Insider Activity
In related news, major shareholder Thomas Gordon Welch sold 75,000 shares of the company's stock in a transaction dated Wednesday, December 7th. The shares were sold at an average price of 2.23, for a total value of 167,250.00. Following the completion of the sale, the insider now directly owns 1,425,000 shares of the company's stock, valued at 3,177,750. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 10.30% of the company's stock.
Institutional Trading of Meta Materials
Hedge funds have recently bought and sold shares of the stock. Commonwealth Equity Services LLC lifted its stake in shares of Meta Materials by 71.5% during the 1st quarter. Commonwealth Equity Services LLC now owns 144,736 shares of the company's stock worth $241,000 after purchasing an additional 60,322 shares during the last quarter. New York State Common Retirement Fund lifted its position in shares of Meta Materials by 193.8% during the first quarter. New York State Common Retirement Fund now owns 496,591 shares of the company's stock valued at $829,000 after buying an additional 327,585 shares during the last quarter. Swiss National Bank boosted its holdings in shares of Meta Materials by 8.0% in the 1st quarter. Swiss National Bank now owns 465,500 shares of the company's stock valued at $777,000 after buying an additional 34,600 shares in the last quarter. GMT Capital Corp purchased a new position in shares of Meta Materials in the 1st quarter worth approximately $908,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Meta Materials by 1.9% during the 1st quarter. Bank of New York Mellon Corp now owns 730,574 shares of the company's stock worth $1,221,000 after acquiring an additional 13,688 shares in the last quarter. Hedge funds and other institutional investors own 14.12% of the company's stock.
About Meta Materials
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Meta Materials Inc invents, designs, develops, and manufactures various functional materials and nanocomposites. Its products include metaAIR, a laser glare protection eyewear; NANOWEB, a transparent conductive film; holoOPTIX, a holographic optical element; glucoWISE, a non-invasive glucose measurement device; and metaSURFACE, which allows an enhancement in signal to noise ratio of up to 40 times for magnetic resonance imaging scans.
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