Psychemedics (NASDAQ:PMD) Stock Rating Lowered by ValuEngine

ValuEngine lowered shares of Psychemedics (NASDAQ:PMD) from a buy rating to a hold rating in a report published on Friday, September 27th, ValuEngine reports.

Shares of NASDAQ:PMD traded down $0.01 during midday trading on Friday, reaching $9.10. The company’s stock had a trading volume of 13,449 shares, compared to its average volume of 19,915. The business has a 50 day moving average price of $8.48 and a 200 day moving average price of $10.07. Psychemedics has a 1 year low of $7.12 and a 1 year high of $19.64. 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 firm has a market cap of $51.91 million, a price-to-earnings ratio of 14.70 and a beta of 0.76.

Psychemedics (NASDAQ:PMD) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $0.14 earnings per share (EPS) for the quarter. Psychemedics had a return on equity of 19.14% and a net margin of 8.86%. The firm had revenue of $9.29 million during the quarter.

Institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its stake in shares of Psychemedics by 545.7% in the second quarter. JPMorgan Chase & Co. now owns 6,328 shares of the company’s stock worth $60,000 after acquiring an additional 5,348 shares in the last quarter. Morgan Stanley raised its stake in Psychemedics by 48.4% during the second quarter. Morgan Stanley now owns 7,000 shares of the company’s stock valued at $71,000 after buying an additional 2,284 shares in the last quarter. Alambic Investment Management L.P. acquired a new stake in Psychemedics during the first quarter valued at approximately $163,000. Connors Investor Services Inc. raised its stake in Psychemedics by 19.6% during the first quarter. Connors Investor Services Inc. now owns 15,426 shares of the company’s stock valued at $216,000 after buying an additional 2,524 shares in the last quarter. Finally, Punch & Associates Investment Management Inc. raised its stake in Psychemedics by 11.8% during the first quarter. Punch & Associates Investment Management Inc. now owns 17,000 shares of the company’s stock valued at $239,000 after buying an additional 1,800 shares in the last quarter. Institutional investors own 52.56% of the company’s stock.

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.

Read More: What are earnings reports?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Receive News & Ratings for Psychemedics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Psychemedics and related companies with MarketBeat.com's FREE daily email newsletter.