SmartKem (NASDAQ:SMTK) Announces Earnings Results

SmartKem (NASDAQ:SMTK) posted its quarterly earnings results on Friday. The company reported ($0.05) EPS for the quarter, Zacks reports.

SmartKem Trading Down 18.0%

Shares of NASDAQ:SMTK traded down $0.02 during mid-day trading on Friday, reaching $0.09. The company had a trading volume of 16,063,789 shares, compared to its average volume of 5,006,219. The company’s 50-day moving average price is $0.25 and its 200-day moving average price is $0.29. SmartKem has a one year low of $0.09 and a one year high of $3.80. The firm has a market cap of $1.91 million, a price-to-earnings ratio of -0.04 and a beta of 3.80.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of SmartKem in a report on Friday, May 22nd. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has an average rating of “Sell”.

Institutional Investors Weigh In On SmartKem

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Corient Private Wealth LLC grew its position 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 in the last quarter. Walleye Capital LLC raised its position in shares of 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 in the last quarter. Finally, Rossby Financial LCC lifted its holdings in shares of SmartKem by 110.2% during 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.

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.