SmartKem, Inc. (NASDAQ:SMTK) Short Interest Up 274.2% in June

SmartKem, Inc. (NASDAQ:SMTK) was the target of a significant growth in short interest during the month of June. As of June 15th, there was short interest totaling 1,460,778 shares, a growth of 274.2% from the May 31st total of 390,407 shares. Based on an average daily volume of 51,820,583 shares, the days-to-cover ratio is presently 0.0 days. Currently, 7.1% of the shares of the stock are short sold.

Institutional Trading of SmartKem

Hedge funds have recently modified their holdings of the company. AIGH Capital Management LLC boosted its stake in SmartKem by 32.7% during the 1st quarter. AIGH Capital Management LLC now owns 895,449 shares of the company’s stock worth $204,000 after acquiring an additional 220,449 shares during the last quarter. Walleye Capital LLC raised its holdings 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 purchasing an additional 142,898 shares during the period. Rossby Financial LCC raised its holdings in SmartKem by 110.2% in the fourth quarter. Rossby Financial LCC now owns 227,000 shares of the company’s stock worth $242,000 after purchasing an additional 119,000 shares during the period. Finally, Corient Private Wealth LLC boosted its position 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 purchasing an additional 23,248 shares in the last quarter.

Wall Street Analysts Forecast Growth

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

SmartKem Stock Up 1.6%

Shares of SmartKem stock traded up $0.00 during trading on Monday, reaching $0.25. 188,881 shares of the company were exchanged, compared to its average volume of 5,719,303. The business has a 50-day moving average price of $0.30 and a 200-day moving average price of $0.56. The firm has a market capitalization of $5.32 million, a price-to-earnings ratio of -0.10 and a beta of 3.72. SmartKem has a twelve month low of $0.15 and a twelve month high of $3.80.

SmartKem (NASDAQ:SMTK) last released its earnings results on Wednesday, April 8th. The company reported ($0.21) earnings per share for the quarter. SmartKem had a negative net margin of 3,997.69% and a negative return on equity of 610.88%. The company had revenue of $0.56 million during the 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.