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

Modular Medical, Inc. (NASDAQ:MODD) was the target of a significant decrease in short interest during the month of April. As of April 15th, there was short interest totalling 189,700 shares, a decrease of 17.3% from the March 31st total of 229,500 shares. Currently, 0.7% of the company’s stock are sold short. Based on an average trading volume of 200,800 shares, the days-to-cover ratio is presently 0.9 days.

Insider Transactions at Modular Medical

In other news, Director Manchester Management Co Llc acquired 900,000 shares of Modular Medical stock in a transaction that occurred on Friday, February 16th. The stock was purchased at an average price of $1.10 per share, with a total value of $990,000.00. Following the completion of the transaction, the director now owns 3,118,227 shares in the company, valued at $3,430,049.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 32.34% of the stock is currently owned by company insiders.

Institutional Trading of Modular Medical

An institutional investor recently bought a new position in Modular Medical stock. Navigation Wealth Management Inc. bought a new stake in shares of Modular Medical, Inc. (NASDAQ:MODD) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 18,340 shares of the company’s stock, valued at approximately $34,000. Modular Medical accounts for approximately 13.8% of Navigation Wealth Management Inc.’s investment portfolio, making the stock its 2nd biggest holding. Navigation Wealth Management Inc. owned about 0.08% of Modular Medical at the end of the most recent quarter. 27.47% of the stock is currently owned by institutional investors.

Modular Medical Trading Up 2.5 %

Modular Medical stock traded up $0.04 during mid-day trading on Monday, hitting $1.62. 71,044 shares of the company’s stock were exchanged, compared to its average volume of 184,483. Modular Medical has a 1-year low of $0.84 and a 1-year high of $2.22. The stock has a 50 day moving average of $1.77 and a two-hundred day moving average of $1.57.

Modular Medical (NASDAQ:MODD) last issued its quarterly earnings data on Tuesday, February 13th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.06). On average, analysts forecast that Modular Medical will post -0.72 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Benchmark reiterated a “speculative buy” rating and issued a $5.00 target price on shares of Modular Medical in a research note on Thursday, March 21st.

About Modular Medical

Modular Medical, Inc operates as a development stage medical device company. It focuses on the design, development, and commercialization of insulin pumps. It offers MODD1, a two-part patch pump for diabetes. The company was founded in 1998 and is headquartered in San Diego, California.