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

Modular Medical, Inc. (NASDAQ:MODD) was the target of a significant decrease in short interest in the month of December. As of December 15th, there was short interest totalling 362,500 shares, a decrease of 13.5% from the November 30th total of 419,200 shares. Based on an average daily volume of 168,600 shares, the days-to-cover ratio is currently 2.2 days. Currently, 1.0% of the shares of the stock are short sold.

Insiders Place Their Bets

In related news, Director Manchester Management Co Llc acquired 21,000 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was acquired at an average cost of $1.68 per share, with a total value of $35,280.00. Following the purchase, the director now directly owns 265,750 shares of the company’s stock, valued at approximately $446,460. This trade represents a 8.58 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders bought a total of 287,666 shares of company stock worth $454,279 over the last three months. 32.34% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Virtu Financial LLC bought a new stake in shares of Modular Medical in the third quarter valued at about $44,000. Geode Capital Management LLC raised its holdings in shares of Modular Medical by 45.0% in the 3rd quarter. Geode Capital Management LLC now owns 306,440 shares of the company’s stock valued at $690,000 after purchasing an additional 95,072 shares in the last quarter. State Street Corp lifted its position in shares of Modular Medical by 285.8% in the 3rd quarter. State Street Corp now owns 76,000 shares of the company’s stock worth $171,000 after purchasing an additional 56,300 shares during the period. Walleye Capital LLC boosted its stake in shares of Modular Medical by 299.8% during the third quarter. Walleye Capital LLC now owns 75,418 shares of the company’s stock valued at $170,000 after purchasing an additional 56,552 shares in the last quarter. Finally, Corsair Capital Management L.P. increased its holdings in Modular Medical by 13.6% during the third quarter. Corsair Capital Management L.P. now owns 537,363 shares of the company’s stock valued at $1,209,000 after buying an additional 64,393 shares during the period. 27.47% of the stock is currently owned by institutional investors.

Modular Medical Stock Up 0.7 %

Shares of MODD opened at $1.43 on Monday. The business has a fifty day moving average of $1.86 and a 200 day moving average of $1.84. The company has a market cap of $49.61 million, a PE ratio of -2.27 and a beta of 0.46. Modular Medical has a 52-week low of $1.08 and a 52-week high of $2.65.

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.