Modular Medical, Inc. (NASDAQ:MODD) Short Interest Update

Modular Medical, Inc. (NASDAQ:MODD) saw a large growth in short interest in the month of August. As of August 14th, there was short interest totaling 462,375 shares, a growth of 145.3% from the July 30th total of 188,517 shares. Based on an average daily volume of 351,241 shares, the days-to-cover ratio is currently 1.3 days. Approximately 6.1% of the company’s shares are sold short.

Institutional Trading of Modular Medical

Institutional investors and hedge funds have recently modified their holdings of the stock. Bleichroeder LP raised its position in Modular Medical by 41.9% during 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. 683 Capital Management LLC grew 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 buying an additional 780,000 shares in the last quarter. Jane Street Group LLC grew its position in shares of Modular Medical by 446.8% during the 4th 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. AWM Investment Company Inc. increased its stake in shares of Modular Medical by 20.3% during the second quarter. AWM Investment Company Inc. now owns 441,095 shares of the company’s stock valued at $1,985,000 after buying an additional 74,429 shares during the period. Finally, 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. Institutional investors own 27.47% of the company’s stock.

Modular Medical Trading Down 4.2%

NASDAQ MODD opened at $3.46 on Friday. The stock has a market cap of $28.20 million, a PE ratio of -0.40 and a beta of 0.37. Modular Medical has a 12 month low of $1.72 and a 12 month high of $30.00. The company’s 50-day moving average price is $3.29 and its 200-day moving average price is $5.24.

Modular Medical (NASDAQ:MODD) last announced its quarterly earnings data on Friday, August 14th. The company reported ($1.19) earnings per share for the quarter.

Wall Street Analysts Forecast Growth

MODD has been the subject of several recent analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of Modular Medical in a research report on Wednesday, June 24th. Wall Street Zen upgraded Modular Medical from a “strong sell” rating to a “sell” rating in a report on Sunday, August 23rd. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Modular Medical currently 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.