Modular Medical, Inc. (NASDAQ:MODD) Sees Significant Growth in Short Interest

Modular Medical, Inc. (NASDAQ:MODD) was the recipient of a significant increase in short interest during the month of March. As of March 13th, there was short interest totaling 1,599,394 shares, an increase of 412.0% from the February 26th total of 312,370 shares. Based on an average daily volume of 2,965,256 shares, the short-interest ratio is presently 0.5 days. Approximately 2.2% of the shares of the stock are short sold. Approximately 2.2% of the shares of the stock are short sold. Based on an average daily volume of 2,965,256 shares, the short-interest ratio is presently 0.5 days.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Modular Medical

Institutional investors and hedge funds have recently bought and sold shares of the stock. Warberg Asset Management LLC purchased a new stake in Modular Medical in the 3rd quarter worth approximately $31,000. Perritt Capital Management Inc increased its stake in shares of Modular Medical by 34.2% during the third quarter. Perritt Capital Management Inc now owns 85,000 shares of the company’s stock valued at $59,000 after buying 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 valued at $60,000 after acquiring an additional 133,969 shares in the last quarter. Sio Capital Management LLC raised its holdings in shares of Modular Medical by 211.8% during the second quarter. Sio Capital Management LLC now owns 785,824 shares of the company’s stock valued at $585,000 after acquiring an additional 533,834 shares in the last quarter. Finally, 683 Capital Management LLC lifted its stake in Modular Medical by 79.4% in the fourth quarter. 683 Capital Management LLC now owns 1,762,103 shares of the company’s stock worth $642,000 after acquiring an additional 780,000 shares during the period. 27.47% of the stock is currently owned by institutional investors.

Modular Medical Price Performance

Modular Medical stock traded down $0.01 during mid-day trading on Tuesday, hitting $0.17. The company’s stock had a trading volume of 1,099,954 shares, compared to its average volume of 1,931,010. The business has a 50 day moving average price of $0.37 and a 200-day moving average price of $0.47. Modular Medical has a 12 month low of $0.12 and a 12 month high of $1.29. The stock has a market cap of $13.30 million, a price-to-earnings ratio of -0.35 and a beta of 0.25.

Modular Medical (NASDAQ:MODD) last announced its quarterly earnings data on Tuesday, February 17th. The company reported ($0.11) earnings per share (EPS) for the quarter.

About Modular Medical

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.