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Highlights
- Mark Zuckerberg said on Thursday, October 28, that his company will be known as Meta Platforms.
- Meta Materials stock rallied after Facebook's announcement, and it has no connection with the company.
- Meta Materials (NASDAQ:MMAT) makes sustainable materials using innovative technologies.
Stocks of Meta Materials (NASDAQ:MMAT) jumped on Thursday, October 28, despite no significant announcement from the company.
The Canadian company is involved in the designing and development of highly sustainable and functional materials.
Notably, the MMAT stock caught investors' attention after Facebook co-founder Mark Zuckerberg said his company would be known as Meta. Due to the similar name, Meta Materials recorded a jump in its share prices.
Also Read: 3 Canadian tech stocks to glam up your investment portfolio
Mr Zuckerberg said that the official corporate name of the company would be Meta Platforms, and it will trade under the stock symbol MVRS.
The name change move comes amid growing criticism from regulators and lawmakers over the market power of Facebook.
All you need to know about Meta Materials (NASDAQ:MMAT) stock
Interestingly, Meta Materials has no connection with Facebook, and it makes sustainable materials using innovative technologies. The products can be used to block a specific color of light or heat a window invisibly in a car.
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Image Description: Facebook rebrands itself as Meta. Stocks of Meta Materials rises
During the trading session on October 28, Meta stock surged by about five per cent and closed at US$ 4.56 per share. And during the after-market hours, the shares spiked 18 per cent and its market cap was US$ 1.3 billion.
After Facebook's announcement, Geroge Palikaras, the chief executive officer at Meta Materials, said on Twitter that he cordially welcomes Facebook to the metaverse.
Bottom line
Although the stock witnessed an accidental surge on October 28, the stock of Meta Materials could grow in future as it is in an expansion mode.
Earlier this month, the Canadian company said that it completed the acquisition of Nanotech Security Corp, a company involved in manufacturing visually memorable nano-optic security features.
Nanotech's products can be used for anti-counterfeiting solutions used in banknotes and brand protection markets.
Also Read: 4 best Canadian metaverse stocks to add to your portfolio
Posting solid financial results in the second quarter of 2021, Meta Material said that its total revenue increased by 197 per cent year-over-year (YoY) to US$ 624,320.
Meanwhile, the balance sheet strengthened as the cash and cash equivalents increased to US$ 154.6 million.
