Meta Materials (NASDAQ: MMAT), a once Reddit-favorite, appears to be on the rise once again. Following the hyped short squeeze earlier this year, the Meta Materials stock price seems to be gathering noticeable gains – proving to be much more than a meme stock.
MMAT stock has risen 6.6% in Thursday’s early market trading; continuing the upward trend held from mid-August. The company reached highs of just under $20 in July as another victim of a Reddit surge, following its development from Torchlight energy to a focus on smart materials.
Yet Meta Materials’ growing strength seems to be much more internal this time – specifically, the impact of the acquisition of Nonotech security, specialists in nono-optic technology, and hence a valuable asset to the long-term vision of the ‘smart materials’ innovator.
Again, however, there are other forces at play here. Another key reason for the MMAT stock rise is much more organic than initially perceived, with investors excited about cutting-edge electromagnetic technology to be used in 5G, health care, and solar.
Meta Materials is compounding its potential for growth in the near future. As manufacturers and purveyors of state-of-the-art smart materials, there is significant upside potential given the future-looking market consensus. MMAT stock is currently trading at around $5.30.
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