SmartKem (NASDAQ:SMTK) Releases Earnings Results

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

SmartKem Trading Down 18.0%

Shares of SmartKem stock traded down $0.02 on Friday, hitting $0.09. 16,063,789 shares of the company traded hands, compared to its average volume of 5,006,219. SmartKem has a 12-month low of $0.09 and a 12-month high of $3.80. The company has a market cap of $1.91 million, a P/E ratio of -0.04 and a beta of 3.80. The firm’s 50-day simple moving average is $0.25 and its 200 day simple moving average is $0.29.

Analyst Ratings Changes

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

Hedge Funds Weigh In On SmartKem

Hedge funds and other institutional investors have recently modified their holdings of the company. Corient Private Wealth LLC increased its position in shares of 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 purchasing an additional 23,248 shares during the last quarter. Rossby Financial LCC lifted its position in SmartKem by 110.2% in the 4th quarter. Rossby Financial LCC now owns 227,000 shares of the company’s stock worth $242,000 after buying an additional 119,000 shares during the last quarter. Finally, Walleye Capital LLC boosted its stake in 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 buying an additional 142,898 shares in 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.