Meta Materials Inc. [NASDAQ: MMAT] stock went on a downward path that fall over -7.57% on Monday, amounting to a one-week price decrease of less than -5.52%. The company report on November 23, 2022 that Meta Materials Inc. Board of Directors Approves Planned Completion of the Spin-Off of Next Bridge Hydrocarbons Inc.
Meta Materials Inc. (the “Company” or “META®”) (NASDAQ:MMAT, FSE:MMAT), a developer of high-performance functional materials and nanocomposites, today announced that its board of directors has approved the distribution to the holders of META’s Series A Non-Voting Preferred Stock (“Series A Preferred Stock” which is currently traded over-the-counter, or OTC, under the symbol MMTLP) of 100% of the common stock of META’s wholly owned subsidiary, Next Bridge Hydrocarbons, Inc. (“Next Bridge”) in accordance with the Distribution Agreement between META and Next Bridge. Upon completion of the distribution, Next Bridge will be an independent public reporting company, but the Next Bridge common stock is not and will not be publicly traded and will not be eligible for electronic transfer through the Depository Trust Company book-entry system or any other established clearing corporation.
Subject to certain conditions, including, among others, completion of all necessary actions and filings with regard to applicable state securities or “blue sky” laws and final FINRA approval, for which there can be no assurances that such approval will be given, each holder of Series A Preferred Stock as of 4 p.m. ET on December 12, 2022, (the record date for the distribution), will be entitled to receive one share of Next Bridge common stock for every one share of Series A Preferred Stock held as of the record date. The shares of Next Bridge common stock will be distributed on December 14, 2022 after the close of the trading markets, at which time (i) all of the shares of Series A Preferred Stock will be automatically cancelled, (ii) the holders of such Series A Preferred Stock will cease to have any rights with respect to such shares and (iii) the shares of Series A Preferred Stock, MMTLP, will no longer be tradable on the OTC market.
Over the last 12 months, MMAT stock dropped by -46.39%. The one-year Meta Materials Inc. stock forecast points to a potential upside of 31.6. The average equity rating for MMAT stock is currently 1.70, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $612.18 million, with 362.26 million shares outstanding and 267.06 million shares in the current float. Compared to the average trading volume of 10.61M shares, MMAT stock reached a trading volume of 9730982 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Meta Materials Inc. [MMAT]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MMAT shares is $2.50 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MMAT stock is a recommendation set at 1.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
The Average True Range (ATR) for Meta Materials Inc. is set at 0.21, with the Price to Sales ratio for MMAT stock in the period of the last 12 months amounting to 55.65. The Price to Book ratio for the last quarter was 1.60, with the Price to Cash per share for the same quarter was set at 0.09.
MMAT Stock Performance Analysis:
Meta Materials Inc. [MMAT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -5.52. With this latest performance, MMAT shares gained by 17.93% in over the last four-week period, additionally sinking by -0.58% over the last 6 months – not to mention a drop of -46.39% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MMAT stock in for the last two-week period is set at 53.06, with the RSI for the last a single of trading hit 48.12, and the three-weeks RSI is set at 55.39 for Meta Materials Inc. [MMAT]. The present Moving Average for the last 50 days of trading for this stock 1.2381, while it was recorded at 1.8520 for the last single week of trading, and 1.2889 for the last 200 days.
Insight into Meta Materials Inc. Fundamentals:
Meta Materials Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.30 and a Current Ratio set at 1.30.
Meta Materials Inc. [MMAT] Insider Position Details
There are presently around $61 million, or 9.90% of MMAT stock, in the hands of institutional investors. The top three institutional holders of MMAT stocks are: BLACKROCK INC. with ownership of 5,537,958, which is approximately 38.036% of the company’s market cap and around 1.00% of the total institutional ownership; VANGUARD GROUP INC, holding 5,402,215 shares of the stock with an approximate value of $9.24 million in MMAT stocks shares; and STATE STREET CORP, currently with $5.74 million in MMAT stock with ownership of nearly -73.798% of the company’s market capitalization.
Positions in Meta Materials Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 50 institutional holders increased their position in Meta Materials Inc. [NASDAQ:MMAT] by around 9,042,944 shares. Additionally, 40 investors decreased positions by around 24,133,292 shares, while 28 investors held positions by with 2,391,258 shares. The mentioned changes placed institutional holdings at 35,567,494 shares, according to the latest SEC report filing. MMAT stock had 18 new institutional investments in for a total of 859,660 shares, while 20 institutional investors sold positions of 5,323,567 shares during the same period.