5 Best Clean Energy Penny Stocks To Buy Now

4. Meta Materials Inc. (NASDAQ:MMAT)

Number of Hedge Fund Holders: 5 

Share Price as of August 4: $0.92

Meta Materials Inc. (NASDAQ:MMAT) is a smart materials and photonics firm. The nano-composites developed by the firm serve a variety of industries, including aerospace, automotive, consumer electronics, communications, and energy. In the energy sector, the solar firms rely heavily on these nano-materials. Meta Materials is based in Canada and was founded in 2007. The company posted a revenue of over $4 million in 2021, up from $1.1 million in the previous year. 

On May 10, Meta Materials Inc. (NASDAQ:MMAT) posted earnings for the first quarter of 2022, reporting a revenue of $2.97 million, up close to 300% compared to the revenue over the same period last year. 

At the end of the first quarter of 2022, 5 hedge funds in the database of Insider Monkey held stakes worth $1.1 million in Meta Materials Inc. (NASDAQ:MMAT), compared to 4 in the preceding quarter worth $7 million. Among the hedge funds being tracked by Insider Monkey, Atlanta-based firm GMT Capital is a leading shareholder in Meta Materials Inc. (NASDAQ:MMAT), with 543,800 shares worth more than $908,000.