After a complicated end to 2022, Meta Materials (NASDAQ:MMAT) stock may be off to a better start in 2023. Recently, the technology company came under fire following its spinoff of subsidiary Next Bridge Hydrocarbons. Even more recently, though, it made waves at the Consumer Electronics Show (CES) 2023, receiving positive accolades and teaching industry professionals about its tech.
Today, MMAT stock closed down by more than 6% on negative market momentum, but that doesn’t mean the CES news isn’t good. Meta Materials is already walking away from the important event with an innovation award for one of its new technologies:
“META was named a CES 2023 Innovation Awards Honoree for the NANOWEB® transparent EMI shielding film, which promises to make it easier to tell when your leftovers are ready in the microwave by clearing up the radiation shielding used on the window […] The technology is also used to de-ice auto sensors and manufacture antennas and electrochromic lenses for augmented reality and 5G reflector films.”
What else should MMAT stock investors be watching for as CES 2023 continues? Let’s take a closer look.
What’s Happening With MMAT Stock?
The official show hasn’t even started yet, with CES scheduled to happen between Jan. 5 and Jan. 8. However, the fact that Meta Materials has already received an award puts the company in an excellent place. If markets adjust over the next two days, MMAT stock will likely rise as momentum grows stronger. InvestorPlace contributor David Moadel believes Meta Materials investors will be watching CES 2023 closely this week, “looking for that ‘wow’ factor as 2023 kicks off.” With NANOWEB, though, it seems like shareholders already have a reason to cheer.
NANOWEB isn’t the only product from Meta Materials that’s worth watching at CES. Other products likely to be shown off by the company include the “NPORE® nanocomposite ceramic battery separator and current collectors” made for electric vehicle (EV) producers.
That said, Graham Mattison of Water Tower Research sees NANOWEB as particularly interesting, with the potential for commercial incorporation in 2023:
“We expect that META will announce at least one production contract this year, delivering a major milestone in the company’s growth of commercial revenues.”
Of course, that would be an excellent catalyst for MMAT stock. On top of positive momentum thanks to CES, Meta Materials appears to be starting 2023 with the wind at its back.
What Comes Next?
The most important thing coming next is the actual CES show, which investors will be watching keenly. If Meta Materials continues to make strides and boost hype, it may even be positioned to hit $2 per share.
Markets may be volatile right now, but the functional materials sector has plenty of room to grow as the new year — marked by new trends — takes shape. Meta Materials’ portfolio of early-stage products spanning multiple industries could help it gain a competitive edge, pending no further regulatory complications.
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On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.