SmartKem (NASDAQ:SMTK) Releases Earnings Results

SmartKem (NASDAQ:SMTK) released its earnings results on Friday. The company reported ($0.05) earnings per share for the quarter, Zacks reports.

SmartKem Stock Performance

Shares of SMTK stock opened at $0.09 on Friday. SmartKem has a one year low of $0.09 and a one year high of $3.80. The company’s 50-day moving average is $0.24 and its 200 day moving average is $0.29. The company has a market capitalization of $1.91 million, a price-to-earnings ratio of -0.04 and a beta of 3.80.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Corient Private Wealth LLC grew its holdings in shares of SmartKem by 120.8% during the second quarter. Corient Private Wealth LLC now owns 42,496 shares of the company’s stock valued at $43,000 after buying an additional 23,248 shares during the last quarter. Rossby Financial LCC raised its holdings in SmartKem by 110.2% in the 4th quarter. Rossby Financial LCC now owns 227,000 shares of the company’s stock worth $242,000 after acquiring an additional 119,000 shares during the last quarter. Finally, Walleye Capital LLC lifted its position in SmartKem by 147.0% in the 2nd quarter. Walleye Capital LLC now owns 240,082 shares of the company’s stock valued at $238,000 after acquiring an additional 142,898 shares in the last quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of SmartKem in a research report on Friday, May 22nd. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the stock currently has a consensus rating of “Sell”.

About SmartKem

SmartKem plc (NASDAQ: SMTK) is a fabless semiconductor company specializing in the development and commercialization of organic semiconductor materials for thin‐film transistors (TFTs). Headquartered in the United Kingdom, the company has pioneered low‐temperature processable organic materials designed to deliver high performance, energy efficiency and manufacturing flexibility. SmartKem’s solutions target a range of display applications, including flexible, foldable and transparent screens, as well as emerging sensor and Internet of Things (IoT) platforms.

The company’s core product line consists of proprietary organic inks and formulations that can be integrated into existing TFT backplane production lines without the need for costly equipment upgrades.