Short Interest in Modular Medical, Inc. (NASDAQ:MODD) Declines By 66.3%

Modular Medical, Inc. (NASDAQ:MODD) was the recipient of a large decrease in short interest during the month of September. As of September 30th, there was short interest totaling 234,200 shares, a decrease of 66.3% from the September 15th total of 695,400 shares. Based on an average daily volume of 472,500 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.5% of the shares of the company are short sold. Currently, 0.5% of the shares of the company are short sold. Based on an average daily volume of 472,500 shares, the days-to-cover ratio is currently 0.5 days.

Institutional Investors Weigh In On Modular Medical

Large investors have recently added to or reduced their stakes in the business. Chicago Partners Investment Group LLC acquired a new stake in Modular Medical in the 1st quarter valued at about $38,000. Wealthedge Investment Advisors LLC grew its stake in Modular Medical by 261.6% in the 1st quarter. Wealthedge Investment Advisors LLC now owns 137,569 shares of the company’s stock valued at $150,000 after acquiring an additional 99,524 shares during the last quarter. Sio Capital Management LLC grew its stake in Modular Medical by 211.8% in the 2nd quarter. Sio Capital Management LLC now owns 785,824 shares of the company’s stock valued at $585,000 after acquiring an additional 533,834 shares during the last quarter. AWM Investment Company Inc. lifted its holdings in Modular Medical by 12.8% in the 1st quarter. AWM Investment Company Inc. now owns 1,033,732 shares of the company’s stock valued at $1,127,000 after purchasing an additional 117,066 shares in the last quarter. Finally, Alyeska Investment Group L.P. lifted its holdings in Modular Medical by 156.3% in the 1st quarter. Alyeska Investment Group L.P. now owns 1,708,332 shares of the company’s stock valued at $1,862,000 after purchasing an additional 1,041,666 shares in the last quarter. 27.47% of the stock is owned by institutional investors and hedge funds.

Modular Medical Stock Up 4.1%

NASDAQ:MODD opened at $0.58 on Monday. Modular Medical has a fifty-two week low of $0.55 and a fifty-two week high of $2.37. The stock has a market cap of $31.92 million, a PE ratio of -1.13 and a beta of 0.17. The firm’s fifty day simple moving average is $0.70 and its 200-day simple moving average is $0.78.

Modular Medical (NASDAQ:MODD) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.02).

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Modular Medical in a research note on Tuesday, October 14th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Modular Medical presently 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.