SmartKem (NASDAQ:SMTK) Stock Price Down 5% – Here’s Why

SmartKem, Inc. (NASDAQ:SMTK)’s stock price fell 5% during mid-day trading on Friday . The company traded as low as $1.81 and last traded at $1.89. 51,557 shares changed hands during trading, a decline of 99% from the average session volume of 4,875,159 shares. The stock had previously closed at $1.99.

SmartKem Stock Performance

The company has a market capitalization of $8.58 million, a P/E ratio of -0.71 and a beta of 3.33. The business has a 50 day moving average of $1.12 and a 200-day moving average of $1.59.

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

Institutional Investors Weigh In On SmartKem

Hedge funds have recently bought and sold shares of the stock. Corient Private Wealth LLC lifted its position 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 purchasing an additional 23,248 shares during the last quarter. Walleye Capital LLC lifted its position 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 purchasing an additional 142,898 shares during the last quarter. Finally, AIGH Capital Management LLC lifted its position in SmartKem by 50.4% during the second quarter. AIGH Capital Management LLC now owns 438,685 shares of the company’s stock valued at $439,000 after purchasing an additional 147,004 shares during the last 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.