Psychemedics Corp. (NASDAQ:PMD) was the target of a large increase in short interest in July. As of July 31st, there was short interest totalling 4,400 shares, an increase of 15.8% from the June 30th total of 3,800 shares. Currently, 0.1% of the company’s stock are short sold. Based on an average daily trading volume, of 18,400 shares, the days-to-cover ratio is presently 0.2 days.
In related news, VP Michael I. Schaffer sold 2,800 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $9.84, for a total value of $27,552.00. Following the completion of the sale, the vice president now owns 25,700 shares of the company’s stock, valued at approximately $252,888. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Michael I. Schaffer sold 9,331 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $9.74, for a total value of $90,883.94. Following the completion of the sale, the vice president now directly owns 25,700 shares of the company’s stock, valued at approximately $250,318. The disclosure for this sale can be found here. Insiders own 11.20% of the company’s stock.
A number of institutional investors have recently made changes to their positions in PMD. Kennedy Capital Management Inc. boosted its position in Psychemedics by 55.1% during the first quarter. Kennedy Capital Management Inc. now owns 223,037 shares of the company’s stock worth $3,129,000 after purchasing an additional 79,263 shares during the period. BlackRock Inc. boosted its position in Psychemedics by 235.2% during the second quarter. BlackRock Inc. now owns 102,074 shares of the company’s stock worth $1,030,000 after purchasing an additional 71,619 shares during the period. Tieton Capital Management LLC boosted its position in Psychemedics by 20.3% during the first quarter. Tieton Capital Management LLC now owns 301,282 shares of the company’s stock worth $4,227,000 after purchasing an additional 50,894 shares during the period. Vanguard Group Inc. boosted its position in Psychemedics by 6.2% during the second quarter. Vanguard Group Inc. now owns 236,833 shares of the company’s stock worth $2,390,000 after purchasing an additional 13,802 shares during the period. Finally, Wells Fargo & Company MN boosted its position in Psychemedics by 140.6% during the second quarter. Wells Fargo & Company MN now owns 22,924 shares of the company’s stock worth $232,000 after purchasing an additional 13,398 shares during the period. 56.23% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ PMD traded up $0.22 during trading hours on Wednesday, hitting $7.65. The stock had a trading volume of 41,067 shares, compared to its average volume of 23,082. The firm has a market capitalization of $44.13 million, a P/E ratio of 12.50 and a beta of 0.71. The company’s 50-day moving average price is $9.00. Psychemedics has a 52 week low of $7.21 and a 52 week high of $21.85. The company has a quick ratio of 3.17, a current ratio of 3.17 and a debt-to-equity ratio of 0.05.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 16th. Investors of record on Tuesday, August 6th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Monday, August 5th. This represents a $0.72 annualized dividend and a dividend yield of 9.41%.
Separately, ValuEngine raised Psychemedics from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st.
Psychemedics Company Profile
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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