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

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

SmartKem Stock Up 0.6%

SmartKem stock opened at $1.63 on Friday. The company has a market cap of $10.01 million, a price-to-earnings ratio of -0.72 and a beta of 5.07. The firm’s fifty day moving average is $1.69 and its 200 day moving average is $1.40. SmartKem has a 52-week low of $0.59 and a 52-week high of $4.25.

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

Analyst Ratings Changes

A number of analysts have issued reports on SMTK shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of SmartKem in a report on Wednesday. Wall Street Zen upgraded SmartKem from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has a consensus rating of “Sell”.

Institutional Investors Weigh In On SmartKem

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMTK. AIGH Capital Management LLC boosted its holdings 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 worth $439,000 after purchasing an additional 147,004 shares during the period. Walleye Capital LLC raised its holdings in SmartKem by 147.0% during the 2nd quarter. Walleye Capital LLC now owns 240,082 shares of the company’s stock valued at $238,000 after buying an additional 142,898 shares during the period. Rossby Financial LCC bought a new stake in SmartKem in the third quarter worth $188,000. PFG Investments LLC bought a new stake in SmartKem in the third quarter worth $72,000. Finally, Corient Private Wealth LLC boosted its stake in SmartKem by 120.8% during 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.

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.