Psychemedics Co. (NASDAQ:PMD) Sees Large Drop in Short Interest

Psychemedics Co. (NASDAQ:PMDGet Rating) was the recipient of a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 10,200 shares, a drop of 29.2% from the March 15th total of 14,400 shares. Based on an average daily volume of 17,300 shares, the short-interest ratio is presently 0.6 days. Currently, 0.2% of the shares of the company are sold short.

Separately, TheStreet downgraded shares of Psychemedics from a “c” rating to a “d+” rating in a research report on Wednesday, March 30th.

NASDAQ:PMD traded down $0.07 during mid-day trading on Friday, reaching $6.45. The stock had a trading volume of 11,911 shares, compared to its average volume of 21,292. The business has a 50 day simple moving average of $6.93 and a 200 day simple moving average of $7.46. Psychemedics has a twelve month low of $6.25 and a twelve month high of $8.90. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.76 and a current ratio of 1.76. The firm has a market capitalization of $36.06 million, a price-to-earnings ratio of -49.62 and a beta of 0.66.

In other news, major shareholder Peter Kamin acquired 4,000 shares of Psychemedics stock in a transaction that occurred on Wednesday, March 16th. The stock was purchased at an average price of $6.51 per share, for a total transaction of $26,040.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 13.30% of the stock is owned by company insiders.

Several hedge funds have recently bought and sold shares of the company. Wealth Effects LLC acquired a new stake in shares of Psychemedics during the 4th quarter valued at approximately $291,000. Geode Capital Management LLC lifted its position in shares of Psychemedics by 3.8% during the 3rd quarter. Geode Capital Management LLC now owns 34,618 shares of the company’s stock valued at $294,000 after acquiring an additional 1,277 shares during the period. Moors & Cabot Inc. acquired a new stake in shares of Psychemedics during the 3rd quarter valued at approximately $32,000. Finally, HighMark Wealth Management LLC acquired a new stake in shares of Psychemedics during the 3rd quarter valued at approximately $46,000. Institutional investors own 39.31% of the company’s stock.

About Psychemedics (Get Rating)

Psychemedics Corporation provides testing services for the detection of drugs of abuse through the analysis of hair samples in the United States, Brazil, and internationally. The company offers screening and confirmation by mass spectrometry using industry-accepted practices for cocaine, marijuana, PCP, amphetamines, opiates, synthetic cannabinoids, and benzodiazepines.

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