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

SmartKem, Inc. (NASDAQ:SMTK) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totaling 115,344 shares, a decrease of 90.3% from the August 15th total of 1,188,126 shares. Approximately 21.2% of the company’s shares are short sold. Based on an average trading volume of 854,134 shares, the short-interest ratio is presently 0.1 days.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Weiss Ratings raised shares of SmartKem from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, September 2nd. Wall Street Zen cut SmartKem to a “strong sell” rating in a research note on Saturday, August 22nd. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has an average rating of “Sell”.

Institutional Investors Weigh In On SmartKem

Hedge funds have recently modified their holdings of the business. AIGH Capital Management LLC increased its holdings in SmartKem by 32.7% during the first quarter. AIGH Capital Management LLC now owns 895,449 shares of the company’s stock valued at $204,000 after buying an additional 220,449 shares during the period. Walleye Capital LLC lifted its holdings in SmartKem by 147.0% during the second quarter. Walleye Capital LLC now owns 240,082 shares of the company’s stock worth $238,000 after buying an additional 142,898 shares during the period. Rossby Financial LCC boosted 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 acquiring an additional 119,000 shares in the last quarter. Finally, Corient Private Wealth LLC boosted its position in SmartKem by 120.8% during the 2nd quarter. Corient Private Wealth LLC now owns 42,496 shares of the company’s stock valued at $43,000 after acquiring an additional 23,248 shares in the last quarter.

SmartKem Stock Performance

Shares of SMTK stock traded down $0.04 on Thursday, hitting $2.29. The stock had a trading volume of 45,024 shares, compared to its average volume of 582,026. SmartKem has a one year low of $2.12 and a one year high of $190.00. The business has a 50 day moving average price of $7.14 and a 200 day moving average price of $11.71.

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.