(Updates with analyst comment, updates share price, includes Gotham declined to comment)

LONDON, July 7 (Reuters) - SES Imagotag's shares rose by more than 40% on Friday following a new report from critic Gotham City Research that analysts said failed to provide new information on the French smart label maker's finances.

Trading in the stock was halted briefly after shooting up in volatile trade. The shares were last up nearly 28% in Paris, having risen by as much as 42% earlier.

Hedge fund Gotham City reiterated concerns about the firm's accounts which it raised in late June, in a report that triggered a nearly 60% fall in SES Imagotag shares in a day.

But analysts said the second report was not as negative as many had expected.

Gotham City declined to comment. SES Imagotag told Reuters it would respond in due course.

The second report focuses on the cash and accounting of the electronic label maker and its subsidiaries.

It also details the background of the company's board and raises questions over whether its members are independent.

BNP Paribas Group’s Portzamparc analyst Maxence Dhoury told Reuters the second report did not seem as "severe" at first glance, which helped explain the steep rise in the shares.

Gotham City's first report on June 22 cited accounting discrepancies regarding SES Imagotag's business relationship with BOE Technology Group, a Chinese manufacturer of LCD, OLEDs and flexible displays.

In response, SES Imagotag on June 26 said a new examination by external auditors had concluded it did not overstate revenue nor did the company buy and sell repeatedly on round trip transactions between its Chinese business partner, BOE, refuting allegations made by Gotham City.

SES Imagotag said auditors Deloitte and KPMG provided it with a certificate indicating that transactions with BOE for a total amount of 53.1 million euros ($57.9 million) were neutralised and were not part of its revenue totalling 620.9 million euros at Dec. 31, 2022.

SES Imagotag, whose shares are heading for a 6.4% drop this year, boasted the highest price-to-earnings ratio of the entire SBF 120 index, trading at 140 times earnings, before Gotham City released its first report. That ratio has dropped to around 73, according to Refinitiv data. (Reporting by Nell Mackenzie, Amanda Cooper and Lucy Raitano in London and Michal Alesandrowicz in Gdansk; editing by Jason Neely and Mark Potter)