Modular Medical, Inc. (NASDAQ:MODD) Sees Large Decrease in Short Interest

Modular Medical, Inc. (NASDAQ:MODD) was the recipient of a large drop in short interest during the month of March. As of March 15th, there was short interest totalling 205,000 shares, a drop of 32.5% from the February 29th total of 303,500 shares. Approximately 0.7% of the company’s shares are sold short. Based on an average trading volume of 207,800 shares, the days-to-cover ratio is currently 1.0 days.

Modular Medical Price Performance

Shares of NASDAQ:MODD traded down $0.10 during trading hours on Friday, hitting $1.85. The company’s stock had a trading volume of 145,201 shares, compared to its average volume of 178,950. Modular Medical has a 52 week low of $0.84 and a 52 week high of $2.22. The company has a market capitalization of $40.52 million, a price-to-earnings ratio of -1.91 and a beta of 0.45. The firm’s fifty day moving average price is $1.77 and its 200 day moving average price is $1.50.

Modular Medical (NASDAQ:MODD) last posted its quarterly earnings results on Tuesday, February 13th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.06). On average, equities research analysts predict that Modular Medical will post -0.72 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Benchmark reiterated a “speculative buy” rating and set a $5.00 price objective on shares of Modular Medical in a report on Thursday, March 21st.

Insider Transactions at Modular Medical

In other news, Director Manchester Management Co Llc bought 900,000 shares of the stock in a transaction dated Friday, February 16th. The stock was purchased at an average price of $1.10 per share, for a total transaction of $990,000.00. Following the acquisition, the director now owns 3,118,227 shares of the company’s stock, valued at $3,430,049.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 32.34% of the company’s stock.

Institutional Investors Weigh In On Modular Medical

Large investors have recently modified their holdings of the business. 683 Capital Management LLC purchased a new position in shares of Modular Medical in the 2nd quarter worth approximately $920,000. Perritt Capital Management Inc. grew its position in shares of Modular Medical by 112.5% in the 4th quarter. Perritt Capital Management Inc. now owns 85,000 shares of the company’s stock worth $155,000 after buying an additional 45,000 shares during the last quarter. Citadel Advisors LLC purchased a new position in shares of Modular Medical in the 2nd quarter worth approximately $28,000. Finally, Vanguard Group Inc. grew its position in shares of Modular Medical by 15.5% in the 4th quarter. Vanguard Group Inc. now owns 123,803 shares of the company’s stock worth $225,000 after buying an additional 16,571 shares during the last quarter. Institutional investors own 27.47% of the company’s stock.

About Modular Medical

Modular Medical, Inc operates as a development stage medical device company. It focuses on the design, development, and commercialization of insulin pumps. It offers MODD1, a two-part patch pump for diabetes. The company was founded in 1998 and is headquartered in San Diego, California.