Short Interest in SmartKem, Inc. (NASDAQ:SMTK) Declines By 90.3%

SmartKem, Inc. (NASDAQ:SMTK) was the target of a significant drop in short interest during the month of August. As of August 31st, there was short interest totaling 115,344 shares, a drop of 90.3% from the August 15th total of 1,188,126 shares. Based on an average daily volume of 854,134 shares, the days-to-cover ratio is presently 0.1 days. Currently, 21.2% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on SMTK shares. Weiss Ratings upgraded shares of SmartKem from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 2nd. Wall Street Zen downgraded SmartKem to a “strong sell” rating in a research report on Saturday, August 22nd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Corient Private Wealth LLC raised its holdings in shares of 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 buying an additional 23,248 shares during the period. AIGH Capital Management LLC grew its position in SmartKem by 32.7% in the 1st quarter. AIGH Capital Management LLC now owns 895,449 shares of the company’s stock valued at $204,000 after acquiring an additional 220,449 shares during the last quarter. Walleye Capital LLC increased its stake in SmartKem by 147.0% in the second 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 period. Finally, Rossby Financial LCC increased its stake in SmartKem by 110.2% in the fourth quarter. Rossby Financial LCC now owns 227,000 shares of the company’s stock worth $242,000 after purchasing an additional 119,000 shares during the period.

SmartKem Price Performance

Shares of SmartKem stock traded down $0.04 during trading on Thursday, hitting $2.29. The stock had a trading volume of 45,024 shares, compared to its average volume of 582,026. The firm’s fifty day simple moving average is $7.14 and its 200-day simple moving average is $11.71. SmartKem has a 12 month low of $2.12 and a 12 month high of $190.00.

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.