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

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

Institutional Investors Weigh In On SmartKem

A number of hedge funds and other institutional investors have recently made changes to their positions in SMTK. AIGH Capital Management LLC boosted its stake in SmartKem by 32.7% in the 1st quarter. AIGH Capital Management LLC now owns 895,449 shares of the company’s stock worth $204,000 after purchasing an additional 220,449 shares during the period. Rossby Financial LCC grew its holdings in shares of SmartKem by 110.2% during the fourth quarter. Rossby Financial LCC now owns 227,000 shares of the company’s stock worth $242,000 after buying an additional 119,000 shares in the last quarter. Corient Private Wealth LLC grew 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 buying an additional 23,248 shares in the last quarter. Finally, Walleye Capital LLC raised its position in SmartKem by 147.0% in 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 last quarter.

SmartKem Stock Up 1.1%

SMTK stock opened at $0.21 on Friday. SmartKem has a twelve month low of $0.15 and a twelve month high of $3.80. The company has a market cap of $4.51 million, a P/E ratio of -0.09 and a beta of 3.79. The business’s fifty day moving average is $0.27 and its 200-day moving average is $0.35.

Analysts Set New Price Targets

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

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.