Meta Materials (NASDAQ:MMAT) recently started off the year by demonstrating its work at the Consumer Electronics Show (CES) 2023. That event came at an excellent time for MMAT stock.
After the Next Bridge Hydrocarbons spinoff resulted in a trading halt imposed by the Financial Industry Regulatory Authority (FINRA), controversy quickly arose around Meta Materials. However, the company’s recent success at CES 2023 may be what MMAT stock needed to push back into the green.
Investors had multiple reasons to be happy last week, as Meta Materials made waves at the important industry event. Now, CES 2023 is over. But that doesn’t mean MMAT isn’t still one to watch.
What’s Happening With MMAT Stock?
Recently, negative market momentum has pushed MMAT stock down. But even as shares fall, the company has plenty to celebrate.
At CES 2023, Meta received an Innovation Award for its “NANOWEB® transparent EMI shielding film.” This technology is used to clear up radiation shielding in things like microwaves and also has applications with vehicle sensors. During CES, fans of NANOWEB received more good news when Meta’s NANOWEB automotive applications were featured in the show’s Project Arrow exhibition.
Project Arrow is described as “Canada’s first zero emissions concept vehicle.” As Meta Materials noted in a statement released on Jan. 5, the project represents the biggest vehicle collaboration of its kind in Canada’s history. The automotive industry has long been adapting emerging technologies to improve areas like comfort and safety. Now, Meta could be next in line to benefit from this trend. The company’s statement notes:
“META has developed several technologies that uniquely benefit the automotive industry and its customers, with a clear focus on high performance, sustainable solutions. Automotive EV units are projected to grow at a 22% CAGR globally, from 2021 to 2030, with revenues surpassing $1 trillion in 2030, according to IDTechEx.”
If Meta announces a partnership with an automaker, it could be the catalyst that MMAT stock needs to start rising again. Recently, InvestorPlace contributor David Moadel even predicted that the company’s new technology makes MMAT stock a potential buy.
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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.com Publishing Guidelines.