Psychemedics Corp. (NASDAQ:PMD) Sees Significant Decline in Short Interest

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Psychemedics Corp. (NASDAQ:PMD) was the recipient of a significant decrease in short interest in June. As of June 30th, there was short interest totalling 8,000 shares, a decrease of 21.6% from the May 30th total of 10,200 shares. Based on an average trading volume of 28,200 shares, the days-to-cover ratio is presently 0.3 days. Approximately 0.2% of the shares of the company are sold short.

In other Psychemedics news, VP Michael I. Schaffer sold 9,331 shares of the company’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $9.74, for a total transaction of $90,883.94. Following the sale, the vice president now directly owns 25,700 shares of the company’s stock, valued at $250,318. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael I. Schaffer sold 2,800 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $9.84, for a total transaction of $27,552.00. Following the sale, the vice president now directly owns 25,700 shares in the company, valued at $252,888. The disclosure for this sale can be found here. Corporate insiders own 11.20% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. O Shaughnessy Asset Management LLC raised its position in shares of Psychemedics by 400.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 5,693 shares of the company’s stock valued at $90,000 after purchasing an additional 4,556 shares during the period. Alambic Investment Management L.P. bought a new position in shares of Psychemedics in the first quarter valued at about $163,000. Connors Investor Services Inc. raised its position in shares of Psychemedics by 19.6% in the first quarter. Connors Investor Services Inc. now owns 15,426 shares of the company’s stock valued at $216,000 after purchasing an additional 2,524 shares during the period. Punch & Associates Investment Management Inc. raised its position in shares of Psychemedics by 11.8% in the first quarter. Punch & Associates Investment Management Inc. now owns 17,000 shares of the company’s stock valued at $239,000 after purchasing an additional 1,800 shares during the period. Finally, Municipal Employees Retirement System of Michigan bought a new position in shares of Psychemedics in the fourth quarter valued at about $935,000. 57.70% of the stock is currently owned by institutional investors.

Separately, TheStreet lowered shares of SYNNEX from a “b” rating to a “c+” rating in a research report on Tuesday, April 2nd.

NASDAQ PMD traded down $0.12 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 debt-to-equity ratio of 0.06, a current ratio of 3.08 and a quick ratio of 3.08. The business has a fifty day simple moving average of $10.08. Psychemedics has a 52 week low of $9.25 and a 52 week high of $22.31. The stock has a market capitalization of $53.20 million, a P/E ratio of 13.61 and a beta of 0.71.

Psychemedics (NASDAQ:PMD) last issued its quarterly earnings data on Tuesday, April 23rd. The company reported $0.11 earnings per share for the quarter. The company had revenue of $9.82 million for the quarter. Psychemedics had a net margin of 9.53% and a return on equity of 21.41%.

About Psychemedics

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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