SmartKem, Inc. (NASDAQ:SMTK) Sees Significant Growth in Short Interest

SmartKem, Inc. (NASDAQ:SMTK) was the recipient of a significant growth in short interest during the month of October. As of October 15th, there was short interest totaling 194,100 shares, a growth of 335.2% from the September 30th total of 44,600 shares. Currently, 4.9% of the company’s shares are sold short. Based on an average daily volume of 1,640,000 shares, the days-to-cover ratio is presently 0.1 days. Based on an average daily volume of 1,640,000 shares, the days-to-cover ratio is presently 0.1 days. Currently, 4.9% of the company’s shares are sold short.

Analyst Ratings Changes

Several equities analysts recently commented on SMTK shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of SmartKem in a research note on Wednesday, October 8th. Wall Street Zen raised SmartKem to a “sell” rating in a research report on Saturday. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Institutional Trading of SmartKem

Institutional investors and hedge funds have recently bought and sold shares of the company. Corient Private Wealth LLC raised its stake in 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 buying an additional 23,248 shares in the last quarter. Walleye Capital LLC raised its stake in SmartKem by 147.0% during the second 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, AIGH Capital Management LLC raised its stake in SmartKem by 86.4% during the first quarter. AIGH Capital Management LLC now owns 291,681 shares of the company’s stock valued at $855,000 after buying an additional 135,194 shares in the last quarter.

SmartKem Price Performance

Shares of NASDAQ SMTK opened at $2.02 on Tuesday. The company has a market capitalization of $9.17 million, a price-to-earnings ratio of -0.75 and a beta of 4.72. SmartKem has a 1-year low of $0.58 and a 1-year high of $7.80. The business has a 50-day moving average of $1.66 and a 200-day moving average of $1.48.

SmartKem (NASDAQ:SMTK) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.30) EPS for the quarter. The company had revenue of $0.03 million during the quarter.

SmartKem Company Profile

SmartKem, Inc develops electronics transistors using its proprietary advanced semiconductor materials. Its technology can be used in a range of applications including next generation MicroLED, LCD and AMOLED displays, as well as advanced computer and AI chip packaging, and a new type of sensor. The company was founded on September 21, 2018 and is headquartered in Blackley, the United Kingdom.