Short Interest in Modular Medical, Inc. (NASDAQ:MODD) Rises By 404.3%

Modular Medical, Inc. (NASDAQ:MODD) saw a large increase in short interest in September. As of September 15th, there was short interest totalling 865,300 shares, an increase of 404.3% from the August 31st total of 171,600 shares. Based on an average daily trading volume, of 468,600 shares, the short-interest ratio is currently 1.8 days. Approximately 3.0% of the company’s stock are sold short.

Modular Medical Stock Up 1.3 %

NASDAQ:MODD traded up $0.03 on Wednesday, reaching $2.36. 100,099 shares of the company’s stock traded hands, compared to its average volume of 255,799. The stock has a 50-day simple moving average of $1.81 and a 200-day simple moving average of $1.71. The firm has a market cap of $76.84 million, a PE ratio of -2.99 and a beta of 0.55. Modular Medical has a 12 month low of $0.92 and a 12 month high of $2.65.

Modular Medical (NASDAQ:MODD) last issued its earnings results on Tuesday, August 13th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.08.

Insider Activity at Modular Medical

In other Modular Medical news, Director Philip Brent Sheibley bought 15,000 shares of the business’s stock in a transaction on Monday, August 19th. The shares were acquired at an average cost of $1.69 per share, for a total transaction of $25,350.00. Following the purchase, the director now owns 66,139 shares in the company, valued at approximately $111,774.91. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 32.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Modular Medical

A number of large investors have recently bought and sold shares of MODD. Navigation Wealth Management Inc. acquired a new stake in Modular Medical during the 1st quarter worth about $34,000. Renaissance Technologies LLC purchased a new stake in shares of Modular Medical during the 2nd quarter worth about $40,000. Finally, AWM Investment Company Inc. acquired a new stake in Modular Medical in the 1st quarter valued at $1,388,000. Institutional investors own 27.47% of the company’s stock.

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.