Psychemedics (NASDAQ:PMD) Lifted to Buy at ValuEngine

ValuEngine upgraded shares of Psychemedics (NASDAQ:PMD) from a hold rating to a buy rating in a research note published on Thursday morning, ValuEngine reports.

NASDAQ:PMD traded up $0.43 during trading hours on Thursday, hitting $8.43. 24,953 shares of the company traded hands, compared to its average volume of 21,272. The company has a debt-to-equity ratio of 0.05, a quick ratio of 3.17 and a current ratio of 3.17. The business’s 50-day simple moving average is $9.54. Psychemedics has a one year low of $8.00 and a one year high of $22.31. The firm has a market cap of $44.13 million, a P/E ratio of 12.50 and a beta of 0.71.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 8.54%. The ex-dividend date is Monday, August 5th.

In other news, VP Michael I. Schaffer sold 9,331 shares of the firm’s stock in a transaction 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 completion of the sale, the vice president now directly owns 25,700 shares of the company’s stock, valued at approximately $250,318. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Michael I. Schaffer sold 2,800 shares of the firm’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $9.84, for a total value of $27,552.00. Following the sale, the vice president now directly owns 25,700 shares of the company’s stock, valued at $252,888. The disclosure for this sale can be found here. 11.20% of the stock is currently owned by company insiders.

Several institutional investors have recently made changes to their positions in PMD. Crawford Investment Counsel Inc. increased 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 valued at $4,362,000 after purchasing an additional 13,195 shares during the last quarter. Alambic Investment Management L.P. purchased a new stake in shares of Psychemedics during the 1st quarter valued at $163,000. Tieton Capital Management LLC increased 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 valued at $4,227,000 after purchasing an additional 50,894 shares during the last quarter. Connors Investor Services Inc. increased its position in shares of Psychemedics by 19.6% during the 1st 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 last quarter. Finally, Kennedy Capital Management Inc. increased 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 valued at $3,129,000 after purchasing an additional 79,263 shares during the last quarter. 57.71% of the stock is owned by hedge funds and other institutional investors.

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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