A History of Outperforming Analyst Forecasts and Beating the Odds: Meta Materials Inc. (MMAT)

Meta Materials Inc. (NASDAQ: MMAT) stock fell -6.05% on Friday to $0.21 against a previous-day closing price of $0.22. With 3.95 million shares changed hands, the volume of the stock remained lighter than its average volume of 5.74 million shares. During the session, the Electronic Components company that operates in wider Technology sector, reached to the highest price of $0.2322 whereas the lowest price it dropped to was $0.2111. The 52-week range on MMAT shows that it touched its highest point at $2.34 and its lowest point at $0.17 during that stretch. It currently has a 1-year price target of $1.35. Beta for the stock currently stands at 2.13.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of MMAT was down-trending over the past week, with a drop of -1.08%, but this was down by -5.80% over a month. Three-month performance dropped to -2.72% while six-month performance fell -57.30%. The stock lost -73.48% in the past year, while it has lost -82.26% so far this year. A look at the trailing 12-month EPS for MMAT yields -0.81 with Next year EPS estimates of -0.06. For the next quarter, that number is -0.03. This implies an EPS growth rate of 38.30% for this year and 50.00% for next year.

Float and Shares Shorts:

At present, 452.84 million MMAT shares are outstanding with a float of 352.33 million shares on hand for trading. On Aug 14, 2023, short shares totaled 48.36 million, which was 10.13% higher than short shares on Jul 13, 2023. In addition to Dr. George Palikaras Ph.D. as the firm’s Founder, CEO, Pres & Director, Dr. Efthymios Kallos Ph.D. serves as its Co-Founder & Chief Science Officer.

Institutional Ownership:

Through their ownership of 7.61% of MMAT’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 4.34% of MMAT, in contrast to 2.17% held by mutual funds. Shares owned by individuals account for 10.63%. As the largest shareholder in MMAT with 1.26% of the stake, Alyeska Investment Group LP holds 6,000,000 shares worth 6,000,000. A second-largest stockholder of MMAT, BlackRock Fund Advisors, holds 5,427,738 shares, controlling over 1.14% of the firm’s shares. Geode Capital Management LLC is the third largest shareholder in MMAT, holding 4,543,799 shares or 0.95% stake. With a 1.12% stake in MMAT, the Vanguard Extended Market Index Fu is the largest stakeholder. A total of 5,342,305 shares are owned by the mutual fund manager. The Fidelity Extended Market Index Fu, which owns about 0.46% of MMAT stock, is the second-largest Mutual Fund holder. It holds 2,188,440 shares valued at 0.5 million. Fidelity Total Market Index Fund holds 0.13% of the stake in MMAT, owning 604,133 shares worth 0.14 million.

An Overview of Recent Financials:

Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, MMAT reported revenue of $3.32M and operating income of -$19.64M. The EBITDA in the recently reported quarter was -$18.16M and diluted EPS was -$0.07.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for MMAT since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With MMAT analysts setting a high price target of $1.50 and a low target of $1.20, the average target price over the next 12 months is $1.35. Based on these targets, MMAT could surge 614.29% to reach the target high and rise by 471.43% to reach the target low. Reaching the average price target will result in a growth of 542.86% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.

Summary of Insider Activity:

Insiders traded MMAT stock several times over the past three months with 5 Buys and 0 Sells. In these transactions, 2,076,612 shares were bought while 0 shares were sold. The number of buy transactions has increased to 20 while that of sell transactions has risen to 6 over the past year. The total number of shares bought during that period was 8,151,186 while 221,652 shares were sold.

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