BlackRock Fund Advisors recently announced the acquisition of new stake in Meta Materials Inc. (NASDAQ:MMAT). The institutional investor has increased its shareholding in the Technology company by 38.70% to 5.27 million shares with purchase of 1.47 million shares. This fresh investment now brings its stake to 1.46% valued currently at $5.58 million. In addition, The Vanguard Group, Inc. raised its holdings by 1.97 million to 5.14 million shares. And Geode Capital Management LLC has lifted its position by 28.32% or 0.67 million shares – to 3.02 million shares.
With over 66.77 million Meta Materials Inc. (MMAT) shares trading Monday and a closing price of $2.16 on the day, the dollar volume was approximately $144.23 million. The shares have shown a positive half year performance of 9.64% and its price on 11/21/22 gained nearly 30.12%. Currently, there are 362.26M common shares owned by the public and among those 267.06M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 3 analysts who have offered their price forecasts for MMAT have a consensus price objective of $2.50. The analysts have set the share’s price value over the next 12 months at a high of $3.50 and a low of $2.00. The average price target is 13.6% above its recent price level and a downside to the estimated low will see the stock lose -8.0% over that period. But an upside of 38.29% will see the stock hit the forecast high price target while median target price for the stock is $2.00.
Insiders at the company have transacted a total of 65 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 29 of these insider trades were purchases, accounting for 11,798,271 shares. Insider sales of the common stock occurred on 36 occasions, with total insider shares sold totaling 1,719,904 shares.
The top 3 mutual fund holders in Meta Materials Inc. are Vanguard Extended Market Index Fu, SPDR S&P Kensho New Economies Com, and Fidelity Extended Market Index Fu. Vanguard Extended Market Index Fu owns 4.74 million shares of the company’s stock, all valued at over $5.02 million. The company sold -0.4 million shares recently to bring their total holdings to about 1.31% of the shares outstanding. SPDR S&P Kensho New Economies Com bought 3162.0 shares to see its total holdings expand to 2.08 million shares valued at over $2.2 million and representing 0.57% of the shares outstanding. Fidelity Extended Market Index Fu bought 0.35 million shares to bring its total holdings to over 1.59 million shares at a value of $1.69 million. Fidelity Extended Market Index Fu now owns shares totaling to 0.44% of the shares outstanding.
Shares of Meta Materials Inc. (NASDAQ: MMAT) opened at $2.00, up $0.34 from a prior closing price of $1.66. However, the script later moved the day high at 2.2700, up 30.12%. The company’s stock has a 5-day price change of 27.81% and 169.23% over the past three months. MMAT shares are trading -12.20% year to date (YTD), with the 12-month market performance down to -48.57% lower. It has a 12-month low price of $0.63 and touched a high of $4.51 over the same period. MMAT has an average intraday trading volume of 8.45 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 58.36%, 112.52%, and 68.26% respectively.
Institutional ownership of Meta Materials Inc. (NASDAQ: MMAT) shares accounts for 9.90% of the company’s 362.26M shares outstanding. Mutual fund holders own 3.61%, while other institutional holders and individual stakeholders account for 6.23% and 13.16% respectively.
It has a market capitalization of $838.23M and a beta (3y monthly) value of 1.88. The earnings-per-share (ttm) stands at -$0.31. Price movements for the stock have been influenced by the stock’s volatility, which stands at 14.39% over the week and 14.42% over the month.
Analysts forecast that Meta Materials Inc. (MMAT) will achieve an EPS of -$0.05 for the current quarter, -$0.05 for the next quarter and -$0.13 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.05 while analysts give the company a high EPS estimate of -$0.04. Earnings per share for the fiscal year are expected to decrease by -38.70%, and 43.50% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate Meta Materials Inc. (MMAT) as a “Strong Buy” at a consensus score of 1.70. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 0 of the 3 advise that investors “hold,” and 0 rated it as a “Sell.”