SmartKem, Inc. (NASDAQ:SMTK) Short Interest Down 90.3% in August

SmartKem, Inc. (NASDAQ:SMTK) was the target of a significant drop in short interest in the month of August. As of August 31st, there was short interest totaling 115,344 shares, a drop of 90.3% from the August 15th total of 1,188,126 shares. Based on an average daily volume of 854,134 shares, the short-interest ratio is currently 0.1 days. Currently, 21.2% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

Several equities analysts have commented on SMTK shares. Wall Street Zen downgraded shares of SmartKem to a “strong sell” rating in a report on Saturday, August 22nd. Weiss Ratings upgraded SmartKem from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 2nd. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has an average rating of “Sell”.

SmartKem Trading Up 2.2%

SMTK traded up $0.05 during trading on Friday, reaching $2.34. 29,870 shares of the company’s stock were exchanged, compared to its average volume of 153,059. The stock has a market capitalization of $1.33 million, a PE ratio of -0.02 and a beta of 3.51. SmartKem has a one year low of $2.12 and a one year high of $190.00. The firm has a fifty day moving average price of $7.14 and a two-hundred day moving average price of $11.71.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SMTK. Corient Private Wealth LLC raised 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 valued at $43,000 after purchasing an additional 23,248 shares during the period. AIGH Capital Management LLC grew its stake in shares of SmartKem by 32.7% in the 1st 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 increased 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 in the last quarter. Finally, Rossby Financial LCC increased its position in SmartKem by 110.2% in the 4th quarter. Rossby Financial LCC now owns 227,000 shares of the company’s stock valued at $242,000 after buying an additional 119,000 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.