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

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

Modular Medical Stock Performance

Shares of NASDAQ:MODD traded up $0.01 during midday trading on Friday, reaching $0.45. The company had a trading volume of 138,373 shares, compared to its average volume of 165,599. The company has a fifty day simple moving average of $0.42 and a two-hundred day simple moving average of $0.55. The firm has a market cap of $35.22 million, a price-to-earnings ratio of -0.89 and a beta of 0.17. Modular Medical has a 1-year low of $0.28 and a 1-year high of $1.29.

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

Hedge Funds Weigh In On Modular Medical

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sio Capital Management LLC lifted its holdings in Modular Medical by 211.8% in the 2nd quarter. Sio Capital Management LLC now owns 785,824 shares of the company’s stock worth $585,000 after purchasing an additional 533,834 shares during the last quarter. Warberg Asset Management LLC bought a new position in Modular Medical in the 3rd quarter worth $31,000. Perritt Capital Management Inc lifted its position in Modular Medical by 34.2% during the 3rd 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 last quarter. Jane Street Group LLC boosted its holdings in 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 during the period. Finally, Bleichroeder LP grew its position in shares of Modular Medical by 41.9% in the fourth quarter. Bleichroeder LP now owns 2,859,581 shares of the company’s stock valued at $1,041,000 after purchasing an additional 845,000 shares during the last quarter. 27.47% of the stock is currently owned by hedge funds and other institutional investors.

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 investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Modular Medical presently has a consensus rating of “Sell”.

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.