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

Modular Medical, Inc. (NASDAQ:MODD) was the target of a large increase in short interest during the month of August. As of August 14th, there was short interest totaling 462,375 shares, an increase of 145.3% from the July 30th total of 188,517 shares. Based on an average daily trading volume, of 351,241 shares, the days-to-cover ratio is currently 1.3 days. Approximately 6.1% of the shares of the stock are short sold.

Modular Medical Trading Up 4.2%

Modular Medical stock opened at $3.76 on Friday. The company has a market capitalization of $30.64 million, a PE ratio of -0.43 and a beta of 0.37. Modular Medical has a 12 month low of $1.72 and a 12 month high of $30.00. The stock has a 50-day moving average price of $3.33 and a two-hundred day moving average price of $5.26.

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

Institutional Investors Weigh In On Modular Medical

A number of large investors have recently bought and sold shares of MODD. Bleichroeder LP increased its position in Modular Medical by 41.9% in the 4th quarter. Bleichroeder LP now owns 2,859,581 shares of the company’s stock valued at $1,041,000 after buying an additional 845,000 shares in the last quarter. 683 Capital Management LLC boosted its holdings in Modular Medical by 79.4% during the 4th quarter. 683 Capital Management LLC now owns 1,762,103 shares of the company’s stock worth $642,000 after acquiring an additional 780,000 shares during the last quarter. Jane Street Group LLC grew its position in Modular Medical by 446.8% in the 4th quarter. Jane Street Group LLC now owns 163,952 shares of the company’s stock worth $60,000 after purchasing an additional 133,969 shares in the last quarter. Perritt Capital Management Inc grew its holdings 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 valued at $59,000 after acquiring an additional 21,675 shares in the last quarter. Finally, AWM Investment Company Inc. grew its stake in Modular Medical by 20.3% in the 2nd quarter. AWM Investment Company Inc. now owns 441,095 shares of the company’s stock valued at $1,985,000 after purchasing an additional 74,429 shares during the period. 27.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MODD shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Modular Medical in a research report on Wednesday, June 24th. Wall Street Zen raised shares of Modular Medical from a “strong sell” rating to a “sell” rating in a report on Sunday, August 23rd. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, Modular Medical 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.