What’s in a reputation? Meta Supplies soars after Fb identification swap

Fb could have unveiled its new identification at a glitzy occasion on Thursday, however shares of a lesser-known Canadian industrial supplies firm surged in an obvious case of mistaken identification.

As Fb metamorphosed into Meta, shares of Halifax, Nova Scotia-based Meta Supplies Inc jumped 6% in opening trades on the Nasdaq on Friday, following a 26% rise in after-hours buying and selling. Fb shares have been up 1.6%.

Meta Supplies’ inventory has already been a favourite amongst retail traders utilizing Reddit and social media, recording wild swings in latest months. It hit an all-time excessive of almost $22 in June.

The corporate, which focuses on designing supplies utilized in a wide range of industries together with shopper electronics and aerospace, has a market worth of $1.3 billion, in line with Refinitiv.

This isn’t the frst occasion of shares reacting due to mistaken identities – Zoom Applied sciences jumped on the peak of the pandemic, when the world flocked to the simiarly named video conferencing service.

However it was unclear whether or not simply the similarity in names or a coordinated push by “meme-stock” traders – or each – was driving Meta Supplies’ shares increased.

“Is the (after-hours) value motion actual, or are individuals shopping for MMAT pondering they’re getting Fb for actually low cost?” requested one person on a Reddit neighborhood devoted to discussing Meta Supplies’ inventory, that was created this March.

Meta Supplies CEO George Palikaras additionally appeared to get in on the enjoyable on Thursday, tweeting: “On behalf of @Metamaterialtec I wish to cordially welcome @Fb to the #metaverse.”

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Palikaras pointed to an organization announcement from Thursday about an upcoming on-line speak that includes executives from Meta Supplies, Fb’s digital actuality (VR) division and different corporations, when Reuters emailed Meta Supplies for remark.

Fb’s title change was revealed at its digital and augmented actuality convention on Thursday.

Social media was abuzz with information of Fb turning into Meta, with posts poking enjoyable on the transfer receiving essentially the most consideration.

“Altering title to Meat,” burger chain Wendy’s stated in a tweet favored by almost 250,000 customers. Twitter’s official deal with wrote: “BIG NEWS lol jk nonetheless Twitter”, garnering some 226,000 likes.