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

Modular Medical, Inc. (NASDAQ:MODD) was the target of 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. Approximately 5.1% of the shares of the company are short sold.

Modular Medical Price Performance

MODD traded down $0.51 on Monday, reaching $4.35. 43,676 shares of the company’s stock were exchanged, compared to its average volume of 83,756. The stock’s fifty day moving average price is $6.86 and its 200-day moving average price is $11.34. The stock has a market cap of $11.27 million, a PE ratio of -0.30 and a beta of 0.38. Modular Medical has a twelve month low of $3.55 and a twelve month high of $34.50.

Wall Street Analysts Forecast Growth

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, Modular Medical presently has a consensus rating of “Sell”.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MODD. Warberg Asset Management LLC acquired a new position in Modular Medical during the 3rd quarter worth about $31,000. Perritt Capital Management Inc raised its holdings in shares of Modular Medical by 34.2% in the 3rd quarter. Perritt Capital Management Inc now owns 85,000 shares of the company’s stock valued at $59,000 after purchasing an additional 21,675 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of Modular Medical by 446.8% in the 4th quarter. Jane Street Group LLC now owns 163,952 shares of the company’s stock valued at $60,000 after purchasing an additional 133,969 shares in the last quarter. Bleichroeder LP raised its holdings in shares of Modular Medical by 41.9% in the 4th 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 in the last quarter. Finally, 683 Capital Management LLC raised its position in shares of Modular Medical by 79.4% during the 4th 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 in the last quarter. 27.47% of the stock is currently owned by institutional investors and hedge funds.

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.