Short Interest in Modular Medical, Inc. (NASDAQ:MODD) Drops By 29.4%

Modular Medical, Inc. (NASDAQ:MODD) was the recipient of a large decline in short interest during the month of January. As of January 30th, there was short interest totaling 284,006 shares, a decline of 29.4% from the January 15th total of 402,098 shares. Based on an average daily trading volume, of 143,181 shares, the days-to-cover ratio is currently 2.0 days. Currently, 0.4% of the company’s stock are sold short. Currently, 0.4% of the company’s stock are sold short. Based on an average daily trading volume, of 143,181 shares, the days-to-cover ratio is currently 2.0 days.

Institutional Investors Weigh In On Modular Medical

Large investors have recently bought and sold shares of the company. Sio Capital Management LLC raised its position in Modular Medical by 211.8% during the 2nd quarter. Sio Capital Management LLC now owns 785,824 shares of the company’s stock worth $585,000 after buying an additional 533,834 shares during the last quarter. Warberg Asset Management LLC acquired a new stake in shares of Modular Medical in the third quarter worth $31,000. Perritt Capital Management Inc increased its stake in shares of Modular Medical by 34.2% in the third quarter. Perritt Capital Management Inc now owns 85,000 shares of the company’s stock worth $59,000 after acquiring an additional 21,675 shares during the period. Jane Street Group LLC raised its holdings in shares of Modular Medical by 446.8% during the fourth quarter. Jane Street Group LLC now owns 163,952 shares of the company’s stock worth $60,000 after purchasing an additional 133,969 shares during the last quarter. Finally, Bleichroeder LP raised its holdings in shares of Modular Medical by 41.9% during the fourth quarter. Bleichroeder LP now owns 2,859,581 shares of the company’s stock worth $1,041,000 after purchasing an additional 845,000 shares during the last quarter. Hedge funds and other institutional investors own 27.47% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Modular Medical in a research note on Monday, December 29th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has a consensus rating of “Sell”.

Modular Medical Stock Up 1.5%

Shares of MODD traded up $0.01 during trading hours on Friday, reaching $0.45. 138,373 shares of the company traded hands, compared to its average volume of 165,599. The business has a fifty day moving average price of $0.42 and a 200-day moving average price of $0.55. Modular Medical has a 12-month low of $0.28 and a 12-month high of $1.29. The stock has a market capitalization of $35.22 million, a P/E ratio of -0.89 and a beta of 0.17.

Modular Medical (NASDAQ:MODD) last issued its earnings results on Friday, November 14th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.04).

Modular Medical Company Profile

Modular Medical, Inc operates as a medical device company. It focuses on the design, development, and commercialization of insulin pumps. It offers MODD1, a two-part patch pump for type-1 and type-2 diabetes. The company is headquartered in San Diego, California.