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Is Meta Materials Inc (NASDAQ: MMAT) Stock Ready To Get A Higher Bid?

In the last trading session, 1.11 million Meta Materials Inc (NASDAQ:MMAT) shares changed hands as the company’s beta touched 1.58. With the company’s per share price at $3.28 changed hands at $0.46 or 16.31% during last session, the market valuation stood at $16.07M. MMAT’s last price was a discount, traded about -2759.76% off its 52-week high of $93.80. The share price had its 52-week low at $2.64, which suggests the last value was 19.51% up since then. When we look at Meta Materials Inc’s average trading volume, we note the 10-day average is 0.38 million shares, with the 3-month average coming to 5.67.

Meta Materials Inc (NASDAQ:MMAT) trade information

Instantly MMAT was in green as seen at the end of in last trading. With action -3.53%, the performance over the past five days has been red. The jump to weekly highs of 3.88 added 16.31% to the stock’s daily price. The company’s shares are showing year-to-date downside of -50.30%, with the 5-day performance at -3.53% in the red. However, in the 30-day time frame, Meta Materials Inc (NASDAQ:MMAT) is -46.93% down. Looking at the short shares, we see there were 0.54 million shares sold at short interest cover period of 1.7 days.

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Meta Materials Inc (MMAT) estimates and forecasts

Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for Meta Materials Inc will rise 25.00%, 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%.

Meta Materials Inc (NASDAQ:MMAT)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 16.69% of Meta Materials Inc shares while 4.08% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 4.90%. There are 4.08% 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.

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