Mitsubishi UFJ Kokusai Asset Management Co. Ltd. Sells 28,840 Shares of Meta Materials Inc. (NASDAQ:MMAT)

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. trimmed its holdings in Meta Materials Inc. (NASDAQ:MMATGet Rating) by 2.0% during the third quarter, Holdings Channel reports. The firm owned 1,380,834 shares of the company’s stock after selling 28,840 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Meta Materials were worth $896,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in MMAT. State Street Corp lifted its stake in Meta Materials by 37.1% in the first quarter. State Street Corp now owns 24,112,960 shares of the company’s stock valued at $40,269,000 after buying an additional 6,528,198 shares during the period. Vanguard Group Inc. boosted its stake in Meta Materials by 5.4% during the first quarter. Vanguard Group Inc. now owns 5,631,584 shares of the company’s stock worth $9,404,000 after acquiring an additional 286,456 shares in the last quarter. Millennium Management LLC grew its holdings in Meta Materials by 21,845.4% in the second quarter. Millennium Management LLC now owns 5,488,318 shares of the company’s stock worth $5,653,000 after purchasing an additional 5,463,309 shares during the period. Northern Trust Corp increased its stake in Meta Materials by 1.3% in the first quarter. Northern Trust Corp now owns 1,922,243 shares of the company’s stock valued at $3,210,000 after purchasing an additional 24,020 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Meta Materials by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 730,574 shares of the company’s stock valued at $1,221,000 after purchasing an additional 13,688 shares during the period. Institutional investors and hedge funds own 9.72% of the company’s stock.

Insider Transactions at Meta Materials

In related news, major shareholder Thomas Gordon Welch sold 75,000 shares of the company’s stock in a transaction on Wednesday, December 7th. The stock was sold at an average price of $2.23, for a total transaction of $167,250.00. Following the completion of the sale, the insider now owns 1,425,000 shares in the company, valued at $3,177,750. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 10.30% of the company’s stock.

Meta Materials Stock Performance

Shares of MMAT stock opened at $1.05 on Friday. The company has a current ratio of 1.29, a quick ratio of 1.28 and a debt-to-equity ratio of 0.01. The firm has a fifty day simple moving average of $1.44 and a two-hundred day simple moving average of $1.10. Meta Materials Inc. has a 12 month low of $0.63 and a 12 month high of $2.34. The firm has a market capitalization of $379.60 million, a PE ratio of -3.18 and a beta of 2.13.

Meta Materials (NASDAQ:MMATGet Rating) last posted its earnings results on Wednesday, November 9th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.02). Meta Materials had a negative return on equity of 25.59% and a negative net margin of 845.99%. The business had revenue of $2.46 million for the quarter, compared to the consensus estimate of $3.45 million. Analysts forecast that Meta Materials Inc. will post -0.25 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Cormark restated a “buy” rating and issued a $3.75 target price on shares of Meta Materials in a research note on Monday, November 21st.

Meta Materials Profile

(Get Rating)

Meta Materials, Inc engages in the manufacture and development of functional materials. Its technology platform enables global brands to deliver products to customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. The company was founded by George Palikaras and Themos Kallos on August 15, 2011 and is headquartered in Dartmouth, Canada.

Further Reading

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Institutional Ownership by Quarter for Meta Materials (NASDAQ:MMAT)

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