SmartKem (NASDAQ:SMTK) Trading Up 20.9% – What’s Next?

SmartKem, Inc. (NASDAQ:SMTK) shares traded up 20.9% during trading on Thursday . The stock traded as high as $0.24 and last traded at $0.2271. Approximately 2,193,477 shares traded hands during trading, an increase of 386% from the average daily volume of 451,033 shares. The stock had previously closed at $0.1878.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued 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, Based on data from MarketBeat, the company currently has an average rating of “Sell”.

SmartKem Price Performance

The firm has a market cap of $4.56 million, a PE ratio of -0.09 and a beta of 3.79. The company’s 50 day moving average price is $0.27 and its 200 day moving average price is $0.39.

Hedge Funds Weigh In On SmartKem

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Walleye Capital LLC grew its stake in shares of SmartKem by 147.0% in the second quarter. Walleye Capital LLC now owns 240,082 shares of the company’s stock worth $238,000 after acquiring an additional 142,898 shares in the last quarter. Corient Private Wealth LLC raised its stake in shares of SmartKem by 120.8% in the second 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. AIGH Capital Management LLC raised its stake in shares of SmartKem by 58.7% in the fourth quarter. AIGH Capital Management LLC now owns 675,000 shares of the company’s stock valued at $719,000 after acquiring an additional 249,723 shares in the last quarter. Finally, Rossby Financial LCC boosted its holdings in SmartKem by 110.2% in the fourth 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 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.