Meta Materials (NASDAQ:MMAT) Stock Price Down 11.8%

Meta Materials Inc. (NASDAQ:MMAT)’s stock price was down 11.8% on Wednesday . The stock traded as low as $0.10 and last traded at $0.10. Approximately 6,768,121 shares changed hands during mid-day trading, a decline of 5% from the average daily volume of 7,146,029 shares. The stock had previously closed at $0.12.

Meta Materials Price Performance

The stock has a 50-day simple moving average of $0.19 and a 200 day simple moving average of $0.21. The company has a market cap of $50.21 million, a PE ratio of -0.13 and a beta of 2.19. The company has a quick ratio of 1.15, a current ratio of 1.18 and a debt-to-equity ratio of 0.03.

Meta Materials (NASDAQ:MMAT) last released its quarterly earnings results on Wednesday, August 9th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. Meta Materials had a negative net margin of 4,792.47% and a negative return on equity of 23.06%. The business had revenue of $2.03 million for the quarter, compared to the consensus estimate of $2.60 million. Equities analysts expect that Meta Materials Inc. will post -0.74 EPS for the current year.

Institutional Trading of Meta Materials

Hedge funds have recently made changes to their positions in the business. State Street Corp increased its position in Meta Materials by 37.1% during the first quarter. State Street Corp now owns 24,112,960 shares of the company’s stock worth $40,269,000 after buying an additional 6,528,198 shares during the period. Millennium Management LLC increased its stake in shares of Meta Materials by 21,845.4% during the 2nd quarter. Millennium Management LLC now owns 5,488,318 shares of the company’s stock valued at $5,653,000 after acquiring an additional 5,463,309 shares during the last quarter. Vanguard Group Inc. raised its holdings in Meta Materials by 57.3% in the third quarter. Vanguard Group Inc. now owns 5,402,215 shares of the company’s stock valued at $3,506,000 after buying an additional 1,968,147 shares during the period. BlackRock Inc. boosted its stake in shares of Meta Materials by 38.0% in the third quarter. BlackRock Inc. now owns 5,537,958 shares of the company’s stock valued at $3,595,000 after purchasing an additional 1,526,005 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Meta Materials by 30.9% in the 2nd quarter. Geode Capital Management LLC now owns 4,543,799 shares of the company’s stock worth $978,000 after purchasing an additional 1,073,681 shares during the last quarter. Institutional investors and hedge funds own 6.47% of the company’s stock.

About Meta Materials

Meta Materials Inc, a smart materials and photonics company, develops, manufactures, and sells various functional materials and nanocomposites. The company 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.