Meta Materials Inc. (MMAT) stock declined in the premarket: Why is it so?

Shares of the MMAT stock declined in the premarket trading session today on October 22, 2021. MMAT stock price saw a decline of 5.27% to drop at $4.49 a share at the time of this writing. The stock was also gloomy in the previous trade and went down by 2.67% at closing. Let’s understand more about this stock.

Meta Materials Inc stock is engaged in the designing developing, and manufacturing of functional materials and nanocomposites. The company has a market cap of $1.326 billion and an average trading volume of 16,112,889. The company is based in Dartmouth, Canada.

What’s Happening?

There is no major culprit behind the falling per share price of the MMAT stock so far. No analysts’ downgrades or decreased targeted per share price of the MMAT stock has been reported in recent times. Upon social media analysis, it is noted that some investors are even considering it as the opportunity to buy the shares of this stock as they are optimistic that this fall is not everlasting and ultimately Meta stock will again rise. So what do you need to know at this point? Let’s have a look at the recent events of Meta Materials.

New Appointment by MMAT stock:

Recently on October 19, 2021, Meta stock did announce the appointment of Mr. Carlos Smits as Vice President, Talent, and Culture. Mr. Carlos will help Meta stock in its growth via talent and leadership development, diversity, learning, talent acquisition, and inclusion. He has profound working experience of more than 25 years in the world’s more recognized enterprises to enhance their talent, culture, and scale. Before joining Meta Materials, Mr. Carlos was serving as the Talent Acquisition Lead at Google.

MMAT stock Initiated Drilling Operations in Orogrande Project:

MMAT on October 15, 2021, reported the commencement of drilling operations in the Orogrande Project in order to maintain lease compliance. The company has to drill four wells in the Orogrande project in 2021 in order to lease for sale or spinout. Two wells will be drilled this month on one pad site. The company will start the second pair of wells on another site at the start of November. MMAT stock will be in compliance with all aspects of its obligations upon completion of drilling of four wells.

Wrap Up:

Things are against the MMAT stock as far as market sentiment is concerned. The stock is not performing well in this month as it lost 7.60% however, it gained almost 32% in the last six months.