SmartKem (NASDAQ:SMTK) Trading 20.9% Higher – Still a Buy?

SmartKem, Inc. (NASDAQ:SMTK) rose 20.9% during trading on Thursday . The company traded as high as $0.24 and last traded at $0.2271. Approximately 2,193,477 shares traded hands during mid-day trading, an increase of 386% from the average daily volume of 451,033 shares. The stock had previously closed at $0.1878.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SmartKem in a research note on Friday, May 22nd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, SmartKem presently has a consensus rating of “Sell”.

SmartKem Stock Up 20.9%

The business has a 50-day simple moving average of $0.28 and a 200-day simple moving average of $0.39. The company has a market cap of $4.87 million, a PE ratio of -0.10 and a beta of 3.79.

Institutional Investors Weigh In On SmartKem

Institutional investors and hedge funds have recently modified their holdings of the company. Rossby Financial LCC lifted its stake in SmartKem by 110.2% during the 4th quarter. Rossby Financial LCC now owns 227,000 shares of the company’s stock worth $242,000 after acquiring an additional 119,000 shares in the last quarter. Corient Private Wealth LLC grew its position in SmartKem by 120.8% in the 2nd quarter. Corient Private Wealth LLC now owns 42,496 shares of the company’s stock valued at $43,000 after acquiring an additional 23,248 shares in the last quarter. Walleye Capital LLC grew 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 acquiring an additional 142,898 shares in the last quarter. Finally, AIGH Capital Management LLC increased its stake in SmartKem by 32.7% during the first quarter. AIGH Capital Management LLC now owns 895,449 shares of the company’s stock worth $204,000 after purchasing an additional 220,449 shares during the period.

SmartKem Company Profile

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.