Wall Street Zen Downgrades SmartKem (NASDAQ:SMTK) to Strong Sell

SmartKem (NASDAQ:SMTK) was downgraded by investment analysts at Wall Street Zen to a “strong sell” rating in a report issued on Saturday.

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of SmartKem in a research note on Wednesday. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has an average rating of “Sell”.

SmartKem Stock Performance

SMTK stock opened at $4.41 on Friday. The stock’s 50 day simple moving average is $10.06 and its 200 day simple moving average is $13.18. SmartKem has a 12-month low of $3.52 and a 12-month high of $190.00. The firm has a market cap of $2.51 million, a P/E ratio of -0.04 and a beta of 3.80.

Hedge Funds Weigh In On SmartKem

Several institutional investors have recently made changes to their positions in the stock. Rossby Financial LCC raised its position in shares of 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 purchasing an additional 119,000 shares during the period. Corient Private Wealth LLC boosted its position in SmartKem by 120.8% during the 2nd 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 period. Walleye Capital LLC boosted its position in SmartKem by 147.0% during the 2nd 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 period. Finally, AIGH Capital Management LLC grew 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 buying an additional 220,449 shares during 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.