SmartKem (NASDAQ:SMTK) Issues Quarterly Earnings Results

SmartKem (NASDAQ:SMTK) issued its quarterly earnings results on Friday. The company reported ($0.05) earnings per share (EPS) for the quarter, Zacks reports.

SmartKem Price Performance

Shares of SMTK traded down $0.02 during mid-day trading on Friday, reaching $0.09. 16,063,789 shares of the company’s stock were exchanged, compared to its average volume of 2,795,954. SmartKem has a 52-week low of $0.09 and a 52-week high of $3.80. The stock has a market capitalization of $1.91 million, a PE ratio of -0.04 and a beta of 3.80. The business’s fifty day simple moving average is $0.24 and its 200-day simple moving average is $0.29.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMTK. Corient Private Wealth LLC grew its position in shares of SmartKem by 120.8% in the 2nd quarter. Corient Private Wealth LLC now owns 42,496 shares of the company’s stock worth $43,000 after acquiring an additional 23,248 shares in the last quarter. Walleye Capital LLC raised its holdings in SmartKem by 147.0% in the 2nd quarter. Walleye Capital LLC now owns 240,082 shares of the company’s stock worth $238,000 after acquiring an additional 142,898 shares during the period. Finally, Rossby Financial LCC raised its position in shares of SmartKem by 110.2% during the fourth 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 during the last quarter.

Wall Street Analysts Forecast Growth

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

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.