shares of Metamaterials Inc. MMATa Canada-based manufacturer of functional materials and nanocomposites, have been in rally mode since the beginning of the week.
What happened: The move higher was accompanied by a significant increase in volume, with about 38.05 million shares changing hands on Wednesday alone, compared to the average volume of 4.52 million. The stock was the top trending ticker on StockTwits on Wednesday.
And more importantly, the stock moved despite a broader market downturn seen since October 5th.
See also: The Best Small-Cap Stocks to Buy Right Now
Meta Materials, which closed 2021 at $2.46, declined along with the broader market, bottoming at $0.63 on Oct. 3, down about 75%.
Tech stocks have led the market’s sell-off this year, and Meta Materials was no exception as investors took money off the table amid tough economic conditions.
Why it matters: After consolidating around the low levels, the stock rallied on Monday, gaining about 12%. The stock gained another 5% on Tuesday before soaring 32.96% to $1.05 on Wednesday Benzinga Pro data.
So far this week, Meta Materials is up 56.7%. About these three sessions, the broader S&P500 and the Technology Select Sector SPDR Fund XLK lost 1.7% and 3.5% respectively.
The company’s latest update comes on Sept. 29, when it said it had received a $4.3 billion buy order for its nano-optics security business from an unnamed G10 central bank. This is part of a deal with a potential maximum value of $41.5 million over five years, he added.
A Form 4 filing with the SEC on Oct. 3 revealed this What Gordona 10% shareholder, purchased 2.5 million shares of the company in two transactions at a purchase price of $0.65/share and $0.64/share.
