Modular Medical (NASDAQ:MODD) Trading Down 1.3% – Should You Sell?

Modular Medical, Inc. (NASDAQ:MODD)’s share price dropped 1.3% during mid-day trading on Wednesday . The company traded as low as $0.4706 and last traded at $0.4830. Approximately 387,157 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 1,636,961 shares. The stock had previously closed at $0.4896.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Modular Medical in a research note on Tuesday. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company has a consensus rating of “Sell”.

Modular Medical Trading Down 1.3%

The stock has a market cap of $26.70 million, a price-to-earnings ratio of -0.95 and a beta of 0.14. The firm’s 50 day moving average is $0.63 and its two-hundred day moving average is $0.74.

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

Hedge Funds Weigh In On Modular Medical

Several large investors have recently added to or reduced their stakes in MODD. Solas Capital Management LLC increased its stake in shares of Modular Medical by 30.7% during the 1st quarter. Solas Capital Management LLC now owns 3,243,475 shares of the company’s stock valued at $3,519,000 after acquiring an additional 762,380 shares during the last quarter. 683 Capital Management LLC increased its position in Modular Medical by 23.8% during the first quarter. 683 Capital Management LLC now owns 1,980,000 shares of the company’s stock worth $2,158,000 after purchasing an additional 380,000 shares during the last quarter. Alyeska Investment Group L.P. increased its position in Modular Medical by 156.3% during the first quarter. Alyeska Investment Group L.P. now owns 1,708,332 shares of the company’s stock worth $1,862,000 after purchasing an additional 1,041,666 shares during the last quarter. AWM Investment Company Inc. raised its stake in Modular Medical by 12.8% during the first quarter. AWM Investment Company Inc. now owns 1,033,732 shares of the company’s stock worth $1,127,000 after purchasing an additional 117,066 shares during the period. Finally, Sio Capital Management LLC boosted its holdings in shares of 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 purchasing an additional 533,834 shares during the last quarter. 27.47% of the stock is currently owned by hedge funds and other institutional investors.

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.