Why Meta Materials Stock Soared on Monday
Shares of Meta Materials (NASDAQ: MMAT) jumped on Monday with no news from the company. The move likely came because of an attempted short squeeze from retail investors. The stock was up as much as 40.2% on Monday and currently is up 17.2% as of 11:37 a.m. EDT.
Meta Materials is an early-stage company with a wide focus on building advanced materials to help companies invent breakthrough technologies. It went public through a special purpose acquisition company (SPAC) in June and is down over 40% since, even with the jump in price this morning. In its latest quarterly results, which were announced on Aug. 12, sales grew 197% year over year to $624,000. It lost $5.6 million in cash flow from operations in the period.
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Source Fool.com
