Canada’s Meta Materials sees stock jump after Facebook’s name change
Global News
After Facebook changed its name to Meta on Thursday, Canadian company Meta Materials experienced a jump in stock price during opening trading on Friday.
Facebook may have unveiled its new identity at a glitzy event on Thursday, but shares of a lesser-known Canadian industrial materials company surged in an apparent case of mistaken identity.
As Facebook metamorphosed into Meta, shares of Halifax, Nova Scotia-based Meta Materials Inc jumped six per cent in opening trades on the Nasdaq on Friday, following a 26 per cent rise in after-hours trading. Facebook shares were up 1.6 per cent.
Meta Materials’ stock has already been a favorite among retail investors using Reddit and social media, recording wild swings in recent months. It hit an all-time high of nearly US$22 in June.
The company, which specializes in designing materials used in a variety of industries including consumer electronics and aerospace, has a market value of US$1.3 billion, according to Refinitiv.
This is not the first instance of shares reacting because of mistaken identities — Zoom Technologies jumped at the height of the pandemic, when the world flocked to the similarly named video conferencing service.
But it was unclear whether just the similarity in names or a coordinated push by “meme-stock” investors — or both — was driving Meta Materials’ shares higher.
“Is the (after-hours) price action real, or are people buying MMAT thinking they are getting Facebook for really cheap?” asked one user on a Reddit community dedicated to discussing Meta Materials’ stock, that was created this March.
Meta Materials CEO George Palikaras also appeared to get in on the fun on Thursday, tweeting: “On behalf of @Metamaterialtec I would like to cordially welcome @Facebook to the #metaverse.”
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