On January 20, Meta Materials Inc. (MMAT) took a deep dive to its new 52-week low of $1.89 in regular trading. Consequently, the stock made a come back in the after-hours session.
MMAT stock suffered a blow of 6.90% during regular trading, as it closed the session at the 52-week low of $1.89. Soon, the stock saw a reversal as it gained 5.29% in the after-hours. Hence, MMAT stock was trading at $1.99 apiece in the after-hours on Thursday.
The high-performance functional materials and nanocomposites developer, Meta Materials Inc. was founded in 2011. Currently, its 281.26 million outstanding shares trade at a market capitalization of $570.96 million.
What Happened with MMAT?
MMAT stock had been in a downtrend for almost a week if not more. The stock had been declining steadily over the course of a number of days, losing 11.27% in the past five days alone. While it was losing steadily, the stock suffered a huge blow on Thursday as it fell to a new 52-week low. Following the descent, the stock finally made a comeback in the after-hours on Thursday. Moreover, there are no official news or recent SEC filings that might explain the comeback. Therefore, the comeback might be attributed to the new low bringing a good buying opportunity for investors. Only the opening of the next market session will tell if the stock will continue the bullish path or succumb to another downtrend.
Further, MMAT stock currently stands at a year-to-date loss of 23.17% while it lost 43.41% last year.
Upcoming Participation
On January 19, the company announced its upcoming participation in the SPIE Photonics West 2022, January 25-27, 2022. The company will be exhibiting a variety of photonic, electro-optical, and electro-magnetic component capabilities on the ARfusionTM platform. Furthermore, it will also be demonstrating holoOPTIXTM SLANT. Based on Bayfol® HX photopolymer chemistry, the holoOPTIX SLANT is a series of notch filters.
In addition, the company will also recruit at the annual Job Fair at SPIE Photonics West, January 25-26, 2022.
MMAT’s Financials
On November 15, the company declared its financial results for the third quarter of 2021.
In the third quarter of 2021, MMAT had total revenue of $572,612, against $198,175 in the year-ago quarter. Therefore, it shows an increase of 189% year over year.
Moreover, the net loss in the third quarter of 2021, was $11,425,248 ($0.04/share) against $2,581,204 ($0.02/share) in the same quarter of 2020.
