SmartKem, Inc. (NASDAQ:SMTK) Short Interest Update

SmartKem, Inc. (NASDAQ:SMTK) saw a large decrease in short interest in the month of July. As of July 15th, there was short interest totaling 713,749 shares, a decrease of 40.9% from the June 30th total of 1,208,206 shares. Currently, 3.4% of the company’s shares are short sold. Based on an average trading volume of 469,973 shares, the days-to-cover ratio is presently 1.5 days.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SmartKem in a research note on Friday, May 22nd. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, SmartKem presently has an average rating of “Sell”.

SmartKem Stock Performance

NASDAQ:SMTK traded down $0.01 during midday trading on Thursday, reaching $0.20. 36,243 shares of the stock traded hands, compared to its average volume of 4,924,414. The stock has a market capitalization of $4.25 million, a P/E ratio of -0.09 and a beta of 3.79. The company has a fifty day moving average of $0.27 and a 200 day moving average of $0.36. SmartKem has a 12 month low of $0.15 and a 12 month high of $3.80.

Hedge Funds Weigh In On SmartKem

Several hedge funds and other institutional investors have recently modified their holdings of the company. Corient Private Wealth LLC boosted 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 worth $43,000 after purchasing an additional 23,248 shares during the period. Rossby Financial LCC raised its position in SmartKem by 110.2% during the 4th quarter. Rossby Financial LCC now owns 227,000 shares of the company’s stock valued at $242,000 after purchasing an additional 119,000 shares during the last quarter. Walleye Capital LLC raised its position 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 purchasing an additional 142,898 shares during the last quarter. Finally, AIGH Capital Management LLC raised its position in SmartKem by 58.7% during the 4th quarter. AIGH Capital Management LLC now owns 675,000 shares of the company’s stock valued at $719,000 after purchasing an additional 249,723 shares during the last quarter.

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.