Shares of Meta Materials, a Canadian material science company, soared on Thursday after traders piled into the stock, apparently confusing it with Facebook after the social media company announced it was changing its name to “Meta.” Facebook revealed its new corporate name Thursday afternoon after weeks of negative headlines, rebranding the owner of Facebook, Instagram and WhatsApp as “Meta” in a nod to CEO Mark Zuckerberg’s vision of a virtual reality metaverse. Facebook said its stock will begin trading under the ticker “MVRS” instead of “FB” on Dec. 1. That didn’t stop jumpy traders from sending shares of Meta Materials, which trades under the ticker symbol “MMAT,” up as much as 25 percent at one point in after-hours trading on Thursday evening. Shares of Meta Materials, a Canadian material science company, soared on Thursday after traders piled into the stock, apparently confusing it with Facebook.Meta Materials That was on top of a 4.8 percent gain the company saw in midday trading. By Friday morning, shares of Meta — which is headquartered in Dartmouth, Nova Scotia, about 3,800 miles from Silicon Valley — had pared back from its high and were trading almost 5 percent higher in premarket hours. Meta Materials,…
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Meta Materials stock soars after Facebook changes name – New York Post
