Modular Medical, Inc. (NASDAQ:MODD) Short Interest Up 103.1% in April

Modular Medical, Inc. (NASDAQ:MODD) saw a large growth in short interest in April. As of April 15th, there was short interest totaling 122,225 shares, a growth of 103.1% from the March 31st total of 60,170 shares. Based on an average daily volume of 99,452 shares, the days-to-cover ratio is presently 1.2 days. Currently, 5.1% of the shares of the company are short sold.

Hedge Funds Weigh In On Modular Medical

Several hedge funds have recently added to or reduced their stakes in the business. Warberg Asset Management LLC purchased a new stake in shares of Modular Medical during the third quarter worth about $31,000. Perritt Capital Management Inc grew its holdings 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 worth $59,000 after buying an additional 21,675 shares in the last quarter. Jane Street Group LLC grew 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 buying an additional 133,969 shares in the last quarter. Bleichroeder LP grew 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 buying an additional 845,000 shares in the last quarter. Finally, 683 Capital Management LLC grew its holdings in shares of Modular Medical by 79.4% during the fourth quarter. 683 Capital Management LLC now owns 1,762,103 shares of the company’s stock worth $642,000 after buying an additional 780,000 shares in the last quarter. 27.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Modular Medical in a research note on Friday, March 27th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Modular Medical presently has an average rating of “Sell”.

Modular Medical Stock Performance

NASDAQ:MODD traded up $0.22 during mid-day trading on Friday, hitting $4.86. 20,871 shares of the company’s stock traded hands, compared to its average volume of 87,156. The firm’s 50 day simple moving average is $7.05 and its 200 day simple moving average is $11.51. Modular Medical has a 1 year low of $3.55 and a 1 year high of $34.50. The company has a market cap of $12.58 million, a PE ratio of -0.33 and a beta of 0.38.

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.