Short Interest in Modular Medical, Inc. (NASDAQ:MODD) Rises By 145.3%

Modular Medical, Inc. (NASDAQ:MODD) saw a large growth in short interest during 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. Approximately 6.1% of the company’s shares are short sold. Based on an average daily volume of 351,241 shares, the days-to-cover ratio is currently 1.3 days.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MODD. Wall Street Zen upgraded Modular Medical from a “strong sell” rating to a “sell” rating in a report on Sunday, August 23rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Modular Medical in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Institutional Investors Weigh In On Modular Medical

Large investors have recently bought and sold shares of the company. Perritt Capital Management Inc increased its holdings in 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 buying an additional 21,675 shares during the period. AWM Investment Company Inc. boosted its position in shares of Modular Medical by 20.3% during the 2nd quarter. AWM Investment Company Inc. now owns 441,095 shares of the company’s stock worth $1,985,000 after acquiring an additional 74,429 shares in the last quarter. Jane Street Group LLC increased its stake in Modular Medical by 446.8% in 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 last quarter. 683 Capital Management LLC increased its stake in Modular Medical by 79.4% in the fourth quarter. 683 Capital Management LLC now owns 1,762,103 shares of the company’s stock valued at $642,000 after acquiring an additional 780,000 shares during the last quarter. Finally, Bleichroeder LP raised its position in Modular Medical by 41.9% during 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 in the last quarter. 27.47% of the stock is currently owned by institutional investors and hedge funds.

Modular Medical Stock Up 4.2%

Shares of Modular Medical stock opened at $3.76 on Friday. The business’s 50 day moving average is $3.33 and its 200-day moving average is $5.26. Modular Medical has a 12-month low of $1.72 and a 12-month high of $30.00. The stock has a market cap of $30.64 million, a P/E ratio of -0.43 and a beta of 0.37.

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

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.