Meta Materials (NASDAQ:MMAT) Saw Heavy Selling Pressure: What to Do This Week?
Meta Materials (NASDAQ:MMAT) dropped 35% last week at the back of the company announcing a new glucose prototype. Shares of the materials innovation firm popped following the news, but the stock later tumbled. The company said it had completed a multi-year development project of a non-invasive at-home glucose testing prototype.
The device allows patients to check glucose levels without using blood. However, according to the announcement, the device needs more studies and regulatory approval, implying it is miles away from commercial availability. But is a massive step for Meta Materials in its path to bring products to the market.
The company commenced trading on Nasdaq capital markets on June 30 last year following its reverse merger with gas and oil producers Torchlight Energy Resources. Meta Materials raised more than$250 million through the merger to focus on the latest materials tech. In the last quarter, the company had less than $1M in sales, and it is in start-up mode, meaning it could take years before it starts generating profits. So in the coming months, MMAT is a stock to watch.
Market Reaction:
On Friday, MMAT stock slumped 17.40% at $4.75 with more than 26.86 million shares, compared to its average volume of 18 shares. The stock had moved within a range of $4.7200 – 5.6400 after opening the trade at $5.64. Over the past 52-week, the stock has been trading within a range of $0.4200 – 21.7600.
