63K shares changed hands by the end of trading on Tuesday. Trading volume was up 245.21% over the stocks average daily volume.
Traders are more bullish on shares of the company lately if you watch the change in short interest. The stock saw a fall in short interest from September 29, 2017 to October 13, 2017 of -16.80%. Short interest decreased from 30,415 to 25,304 over that timeframe. With short interest at 25,304 and short average daily volume at 26,039, days to cover is 1.0 and the percentage of shorted shares was 0.00% on October 13.
These firms have modified their investment in PMD. Tieton Capital Management, LLC divested its holdings by selling 9,329 shares a decrease of 3.5%. Tieton Capital Management, LLC owns 256,359 shares valued at $4,725,000. The value of the position overall is down by 28.7%. As of the end of the quarter Wells Fargo & Company/mn had acquired 199 shares growing its stake by 19.9%. The value of the company’s investment in Psychemedics went from $25,000 to $22,000 a change of $3,000 quarter over quarter.
As of quarter end Lsv Asset Management had bought a total of 4,284 shares growing its position 16.2%. The value of the investment in (PMD) decreased from $658,000 to $565,000 a change of 14.1% for the reporting period. As of the end of the quarter Dimensional Fund Advisors Lp had acquired a total of 14,256 shares growing its holdings by 13.5%. The value of the investment in PMD decreased from $2,633,000 to $2,208,000 decreasing 16.1% since the last quarter.
The company is so far trading up from yesterday’s close of 16.9. Psychemedics’s P/E ratio is 15.68 and market cap is 95.31M. In the latest earnings report the EPS was $1.11 with 5.49M shares presently outstanding.
Psychemedics Corporation (Psychemedics), launched on September 24, 1986, provides hair testing for drugs of abuse, utilizing a hair analysis method involving digestion of hair, enzyme immunoassay (EIA) technology and confirmation by mass spectrometry to analyze human hair to detect abused substances. The Company operates in drug testing services segment. The Company is in the business of performing drug testing and reporting the results thereof. The Business’s drug testing services include training for collection of samples and storage of positive samples for its customers for an agreed-upon fee per unit tested of samples. The Business’s primary application of its technology is as a testing service that analyzes hair samples for the presence of certain drugs of abuse..