Short Interest in Modular Medical, Inc. (NASDAQ:MODD) Declines By 96.2%

Modular Medical, Inc. (NASDAQ:MODD) was the recipient of a large decrease in short interest during the month of March. As of March 31st, there was short interest totaling 60,170 shares, a decrease of 96.2% from the March 15th total of 1,599,394 shares. Currently, 2.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 58,616 shares, the short-interest ratio is presently 1.0 days.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in MODD. Bleichroeder LP lifted its holdings in shares of Modular Medical by 41.9% in the 4th quarter. Bleichroeder LP now owns 2,859,581 shares of the company’s stock worth $1,041,000 after acquiring an additional 845,000 shares during the last quarter. 683 Capital Management LLC lifted its holdings in shares of Modular Medical by 79.4% in 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 lifted 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 last quarter. Warberg Asset Management LLC bought a new stake in shares of Modular Medical in the 3rd quarter worth approximately $31,000. Finally, Perritt Capital Management Inc lifted its holdings in shares of Modular Medical by 34.2% in the 3rd quarter. Perritt Capital Management Inc now owns 85,000 shares of the company’s stock worth $59,000 after acquiring an additional 21,675 shares during the last quarter. 27.47% of the stock is owned by hedge funds and other institutional investors.

Modular Medical Stock Down 2.2%

Shares of NASDAQ MODD traded down $0.11 during trading hours on Friday, reaching $4.91. 37,386 shares of the stock traded hands, compared to its average volume of 77,873. The company has a market capitalization of $12.72 million, a P/E ratio of -0.33 and a beta of 0.38. Modular Medical has a 52-week low of $3.55 and a 52-week high of $34.50. The company’s 50-day simple moving average is $8.73 and its two-hundred day simple moving average is $12.56.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Modular Medical in a report on Friday, March 27th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has an average rating of “Sell”.

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.