In the last trading session, 5.59 million Meta Materials Inc (NASDAQ:MMAT) shares changed hands as the company’s beta touched 2.04. With the company’s per share price at $0.09 changed hands at $0.0 or 1.08% during last session, the market valuation stood at $46.05M. MMAT’s last price was a discount, traded about -2500.0% off its 52-week high of $2.34. The share price had its 52-week low at $0.09. When we look at Meta Materials Inc’s average trading volume, we note the 10-day average is 6.96 million shares, with the 3-month average coming to 4.53 million.
Analysts gave the Meta Materials Inc (MMAT) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.00. If we narrow down to specifics, the data shows that 0 out of 1 analysts rate the stock as a Sell, with a further 1 assigning it an Overweight rating. Of the remaining, 0 recommended MMAT as a Hold, 0 felt it is a Buy and 0 rated the stock as Underweight. Meta Materials Inc’s EPS for the current quarter is expected to be -$0.02.
Meta Materials Inc (NASDAQ:MMAT) trade information
Instantly MMAT was in green as seen at the end of in last trading. With action -6.10%, the performance over the past five days has been red. The jump to weekly highs of 0.1010 on Friday, 11/17/23 added 1.08% to the stock’s daily price. The company’s shares are showing year-to-date downside of -92.11%, with the 5-day performance at -6.10% in the red. However, in the 30-day time frame, Meta Materials Inc (NASDAQ:MMAT) is -50.94% down. Looking at the short shares, we see there were 42.46 million shares sold at short interest cover period of 8.21 days.
The consensus price target for the stock as assigned by Wall Street analysts is $1.50, meaning bulls need an upside of 94.0% from its current market value. According to analyst projections, MMAT’s forecast low is $1.50 with $1.50 as the target high. To hit the forecast high, the stock’s price needs a -1566.67% plunge from its current level, while the stock would need to soar -1566.67% for it to hit the projected low.
Meta Materials Inc (MMAT) estimates and forecasts
Data shows that the Meta Materials Inc share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -60.96% over the past 6 months, a -196.00% in annual growth rate that is considerably lower than the industry average of 2.40%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Meta Materials Inc will rise 50.00%, while the growth in revenue is estimated to hit 60.00% for the next quarter. Year-over-year growth is forecast to reach -11.80% down from the last financial year.
Consensus estimates given by 1 financial analysts project the company’s revenue in the current quarter to hit an average of $3.1 million. 1 analysts are of the opinion that Meta Materials Inc’s revenue for the quarter ending Mar 2024 will be $3.9 million. The company’s revenue for the corresponding quarters a year ago was $1.45 million and $3.27 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 114.40%. The estimates for the next quarter sales put growth at 19.30%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of -43.20%.
Meta Materials Inc is expected to release its next quarterly earnings report on November 13.
Meta Materials Inc (NASDAQ:MMAT)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 26.93% of Meta Materials Inc shares while 7.61% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 10.42%. There are 7.61% institutions holding the Meta Materials Inc stock share, with Alyeska Investment Group, L.p. the top institutional holder. As of Jun 29, 2023, the company held 1.28% of the shares, roughly 6.0 million MMAT shares worth $1.29 million.
Blackrock Inc. holds the second largest percentage of outstanding shares, with 1.17% or 5.44 million shares worth $1.17 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Extended Market Index Fund and Fidelity Extended Market Index Fund. With 4.43 million shares estimated at $0.95 million under it, the former controlled 0.95% of total outstanding shares. On the other hand, Fidelity Extended Market Index Fund held about 0.35% of the shares, roughly 1.65 million shares worth around $0.35 million.