Shares of Meta Materials (NASDAQ:MMAT) gained 32.9% in August, according to data from S&P Global Market Intelligence. The company had acquisitions news to announce and published second-quarter results in the month, but it appears that increased buying from investors aiming to trigger a short squeeze played the biggest role in the gains.
MMAT data by YCharts
Meta Materials has attracted interest from Reddit’s WallStreetBets and other online investment communities with a heavy interest in meme stocks. The company is working on developing advanced materials that could have a wide range of applications and help facilitate new tech breakthroughs, but right now short-squeeze momentum appears to be the big story.