Facebook, Inc. (NASDAQ:FB), (MMAT) – Facebook Renaming Itself To Meta Causes 18% Spike In Unrelated Stock

Fb Inc.’s (NASDAQ: FB) announcement of its title change to Meta triggered the shares of an unrelated firm with an analogous title, Meta Supplies Inc. (NASDAQ: MMAT), to surge on Thursday.

What Occurred: Shares of Meta Supplies, a Canada-based supplies expertise firm, gained 4.8% within the common buying and selling session to $4.56 and additional rose virtually 18% within the after-hours session to $5.38.

The inventory surged as buyers appeared to have confused Meta Supplies with Fb’s new title.

Meta Supplies is unrelated to Fb. The corporate says on its web site that its expertise platform encompasses three core capabilities – holography, lithography, and wi-fi sensing.

The corporate’s CEO George Palikaras took to Twitter to welcome Fb to the Metaverse.

See Additionally: 10 Augmented And Digital Actuality Shares To Watch On The Heels Of Fb’s Meta Rebrand

Why It Issues: The rally in shares of Meta Supplies is much like the surge in shares of Sign Advance Inc. (OTC: SIGL) in January after Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk tweeted a message of help for the encrypted messaging app Sign.

Traders additionally mistakenly purchased shares of a Chinese language firm referred to as Zoom Applied sciences Inc. (OTC: ZTNO) when the extra acquainted video conferencing platform Zoom Video Communications Inc. (NASDAQ: ZM) went public in April 2019.

Meta Supplies has attracted curiosity from Reddit’s r/WallStreetBets discussion board and different on-line funding communities because the inventory is seen as a possible quick squeeze candidate.

Learn Subsequent: Apple This autumn Revenues Miss Estimates As Provide Chain Points Eat Into iPhone Gross sales

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