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

Modular Medical, Inc. (NASDAQ:MODD) saw a significant decrease in short interest in the month of December. As of December 31st, there was short interest totaling 379,827 shares, a decrease of 22.4% from the December 15th total of 489,304 shares. Currently, 0.5% of the company’s stock are sold short. Based on an average daily trading volume, of 454,085 shares, the short-interest ratio is presently 0.8 days. Based on an average daily trading volume, of 454,085 shares, the short-interest ratio is presently 0.8 days. Currently, 0.5% of the company’s stock are sold short.

Modular Medical Price Performance

NASDAQ:MODD traded up $0.00 on Friday, hitting $0.48. 24,894 shares of the company’s stock were exchanged, compared to its average volume of 316,724. The company has a market cap of $36.90 million, a P/E ratio of -0.93 and a beta of 0.16. The firm has a 50-day moving average price of $0.42 and a 200-day moving average price of $0.59. Modular Medical has a 52 week low of $0.28 and a 52 week high of $1.35.

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

Hedge Funds Weigh In On Modular Medical

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Warberg Asset Management LLC acquired a new position in Modular Medical during the third quarter worth $31,000. Perritt Capital Management Inc grew its position 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 acquiring an additional 21,675 shares during the period. Finally, Sio Capital Management LLC increased its stake in shares of Modular Medical by 211.8% during 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. 27.47% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Modular Medical in a research note on Monday, December 29th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has an average rating of “Sell”.

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.