SmartKem (NASDAQ:SMTK) Stock Price Up 20.9% – Still a Buy?

Shares of SmartKem, Inc. (NASDAQ:SMTK) traded up 20.9% 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 session volume of 451,033 shares. The stock had previously closed at $0.1878.

Wall Street Analyst Weigh In

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

SmartKem Stock Up 20.9%

The stock has a market capitalization of $4.87 million, a PE ratio of -0.10 and a beta of 3.79. The stock has a fifty day moving average of $0.28 and a 200-day moving average of $0.39.

Hedge Funds Weigh In On SmartKem

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Corient Private Wealth LLC boosted its stake 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 valued at $43,000 after buying an additional 23,248 shares during the period. Rossby Financial LCC increased its stake in shares of SmartKem by 110.2% during the fourth quarter. Rossby Financial LCC now owns 227,000 shares of the company’s stock worth $242,000 after buying an additional 119,000 shares during the period. Walleye Capital LLC increased its stake in shares of SmartKem by 147.0% during the second quarter. Walleye Capital LLC now owns 240,082 shares of the company’s stock worth $238,000 after buying an additional 142,898 shares during the period. Finally, AIGH Capital Management LLC raised its holdings in SmartKem by 58.7% in the fourth quarter. AIGH Capital Management LLC now owns 675,000 shares of the company’s stock valued at $719,000 after acquiring an additional 249,723 shares in the last quarter.

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.