Modular Medical (NASDAQ:MODD) Stock Price Down 3% – Should You Sell?

Modular Medical, Inc. (NASDAQ:MODD) shares dropped 3% during trading on Monday . The company traded as low as $0.42 and last traded at $0.4240. Approximately 137,280 shares changed hands during mid-day trading, a decline of 23% from the average daily volume of 178,438 shares. The stock had previously closed at $0.4369.

Analyst Upgrades and Downgrades

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

Modular Medical Stock Down 3.0%

The firm has a market capitalization of $32.94 million, a price-to-earnings ratio of -0.83 and a beta of 0.17. The company’s 50 day moving average is $0.42 and its 200 day moving average is $0.56.

Modular Medical (NASDAQ:MODD) last posted its quarterly earnings data 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).

Institutional Investors Weigh In On Modular Medical

A number of large investors have recently added to or reduced their stakes in the stock. Sio Capital Management LLC raised its holdings 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 in the last quarter. Warberg Asset Management LLC acquired a new stake in shares of Modular Medical during the 3rd quarter worth $31,000. Finally, Perritt Capital Management Inc increased its position in shares of Modular Medical by 34.2% in the third quarter. Perritt Capital Management Inc now owns 85,000 shares of the company’s stock worth $59,000 after purchasing an additional 21,675 shares during the period. Institutional investors and hedge funds own 27.47% of the company’s stock.

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.