Short Interest in Modular Medical, Inc. (NASDAQ:MODD) Grows By 75.7%

Modular Medical, Inc. (NASDAQ:MODD) was the recipient of a large increase in short interest during the month of June. As of June 30th, there was short interest totaling 162,277 shares, an increase of 75.7% from the June 15th total of 92,368 shares. Based on an average daily trading volume, of 218,898 shares, the short-interest ratio is currently 0.7 days. Approximately 3.2% of the shares of the company are sold short.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Perritt Capital Management Inc lifted its position in shares of Modular Medical by 34.2% during the 3rd 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 during the period. Jane Street Group LLC grew its holdings in shares of 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 acquiring an additional 133,969 shares during the period. Bleichroeder LP increased its stake 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 purchasing an additional 845,000 shares in the last quarter. Finally, 683 Capital Management LLC increased its stake in Modular Medical by 79.4% in the 4th quarter. 683 Capital Management LLC now owns 1,762,103 shares of the company’s stock valued at $642,000 after purchasing an additional 780,000 shares in the last quarter. 27.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Modular Medical in a research note on Wednesday, June 24th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Modular Medical Price Performance

Modular Medical stock opened at $3.24 on Friday. The stock’s 50 day moving average price is $4.39 and its 200 day moving average price is $7.50. Modular Medical has a 1-year low of $3.05 and a 1-year high of $30.00. The company has a market cap of $17.53 million, a PE ratio of -0.22 and a beta of 0.32.

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.