Psychemedics Corp. (NASDAQ:PMD) was the target of a large drop in short interest during the month of June. As of June 30th, there was short interest totalling 8,000 shares, a drop of 21.6% from the May 30th total of 10,200 shares. Approximately 0.2% of the company’s shares are sold short. Based on an average daily trading volume, of 28,200 shares, the days-to-cover ratio is currently 0.3 days.
In other Psychemedics news, VP Michael I. Schaffer sold 2,800 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $9.84, for a total transaction of $27,552.00. Following the completion of the transaction, the vice president now owns 25,700 shares in the company, valued at approximately $252,888. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Michael I. Schaffer sold 9,331 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $9.74, for a total transaction of $90,883.94. Following the transaction, the vice president now owns 25,700 shares of the company’s stock, valued at approximately $250,318. The disclosure for this sale can be found here. 11.20% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the business. Kennedy Capital Management Inc. grew its position in shares of Psychemedics by 55.1% during the 1st quarter. Kennedy Capital Management Inc. now owns 223,037 shares of the company’s stock worth $3,129,000 after buying an additional 79,263 shares during the period. Municipal Employees Retirement System of Michigan acquired a new stake in shares of Psychemedics during the 4th quarter worth approximately $935,000. Tieton Capital Management LLC grew its position in shares of Psychemedics by 20.3% during the 1st quarter. Tieton Capital Management LLC now owns 301,282 shares of the company’s stock worth $4,227,000 after buying an additional 50,894 shares during the period. Crawford Investment Counsel Inc. grew its position in shares of Psychemedics by 4.4% during the 1st quarter. Crawford Investment Counsel Inc. now owns 310,870 shares of the company’s stock worth $4,362,000 after buying an additional 13,195 shares during the period. Finally, Alambic Investment Management L.P. acquired a new stake in shares of Psychemedics during the 1st quarter worth approximately $163,000. Hedge funds and other institutional investors own 57.70% of the company’s stock.
Psychemedics stock traded down $0.12 during mid-day trading on Friday, hitting $9.54. 16,683 shares of the stock were exchanged, compared to its average volume of 12,219. The company has a quick ratio of 3.08, a current ratio of 3.08 and a debt-to-equity ratio of 0.06. Psychemedics has a 12 month low of $9.25 and a 12 month high of $22.31. The firm’s fifty day moving average price is $10.08. The firm has a market capitalization of $53.20 million, a PE ratio of 13.61 and a beta of 0.71.
Psychemedics (NASDAQ:PMD) last released its quarterly earnings results on Tuesday, April 23rd. The company reported $0.11 earnings per share (EPS) for the quarter. Psychemedics had a net margin of 9.53% and a return on equity of 21.41%. The firm had revenue of $9.82 million during the quarter.
Psychemedics Corporation provides testing services for the detection of drugs of abuse through the analysis of hair samples in the United States and internationally. The company's tests provide quantitative information that can indicate the approximate amount of drug ingested, as well as historical data, which can show a pattern of individual drug use over a longer period of time.
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