SmartKem, Inc. (NASDAQ:SMTK) Sees Large Drop in Short Interest

SmartKem, Inc. (NASDAQ:SMTK) saw a large decline in short interest in the month of December. As of December 15th, there was short interest totaling 66,461 shares, a decline of 52.7% from the November 30th total of 140,505 shares. Approximately 1.3% of the shares of the company are sold short. Based on an average trading volume of 75,013 shares, the days-to-cover ratio is currently 0.9 days. Based on an average trading volume of 75,013 shares, the days-to-cover ratio is currently 0.9 days. Approximately 1.3% of the shares of the company are sold short.

SmartKem Price Performance

Shares of SMTK stock traded down $0.03 during trading on Monday, reaching $1.60. The company’s stock had a trading volume of 62,190 shares, compared to its average volume of 55,209. SmartKem has a 1-year low of $0.59 and a 1-year high of $4.25. The company has a market capitalization of $9.79 million, a price-to-earnings ratio of -0.70 and a beta of 5.08. The stock’s 50-day moving average price is $1.69 and its 200 day moving average price is $1.41.

SmartKem (NASDAQ:SMTK) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.45) EPS for the quarter. SmartKem had a negative net margin of 6,262.36% and a negative return on equity of 610.88%. The business had revenue of $0.08 million during the quarter.

Analyst Upgrades and Downgrades

Several research analysts recently commented on SMTK shares. Wall Street Zen upgraded SmartKem from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Weiss Ratings reissued a “sell (e+)” rating on shares of SmartKem in a report on Wednesday. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, SmartKem currently has an average rating of “Sell”.

Institutional Investors Weigh In On SmartKem

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Corient Private Wealth LLC grew its stake in SmartKem by 120.8% in the second quarter. Corient Private Wealth LLC now owns 42,496 shares of the company’s stock worth $43,000 after purchasing an additional 23,248 shares in the last quarter. PFG Investments LLC bought a new stake in shares of SmartKem during the third quarter valued at about $72,000. Rossby Financial LCC acquired a new stake in SmartKem in the third quarter worth approximately $188,000. Walleye Capital LLC grew its stake in shares of SmartKem by 147.0% in the 2nd quarter. Walleye Capital LLC now owns 240,082 shares of the company’s stock worth $238,000 after purchasing an additional 142,898 shares during the last quarter. Finally, AIGH Capital Management LLC boosted its position in shares of SmartKem by 50.4% in the 2nd quarter. AIGH Capital Management LLC now owns 438,685 shares of the company’s stock valued at $439,000 after purchasing an additional 147,004 shares during the period.

SmartKem Company Profile

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.