Short Interest in Modular Medical, Inc. (NASDAQ:MODD) Drops By 15.0%

Modular Medical, Inc. (NASDAQ:MODD - Get Free Report) was the target of a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 681,300 shares, a drop of 15.0% from the September 30th total of 801,900 shares. Based on an average daily volume of 485,400 shares, the short-interest ratio is presently 1.4 days. Currently, 2.3% of the company's shares are short sold.

Modular Medical Price Performance

NASDAQ:MODD remained flat at $2.23 during midday trading on Monday. The company had a trading volume of 44,088 shares, compared to its average volume of 236,912. The company's 50 day simple moving average is $2.12 and its 200-day simple moving average is $1.78. The stock has a market capitalization of $72.39 million, a P/E ratio of -2.85 and a beta of 0.59. Modular Medical has a 52 week low of $1.00 and a 52 week high of $2.65.

Modular Medical (NASDAQ:MODD - Get Free Report) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.08.

Insiders Place Their Bets

In related news, Director Philip Brent Sheibley bought 15,000 shares of the stock in a transaction dated Monday, August 19th. The stock was purchased at an average cost of $1.69 per share, with a total value of $25,350.00. Following the completion of the purchase, the director now owns 66,139 shares of the company's stock, valued at $111,774.91. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 32.34% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MODD. Navigation Wealth Management Inc. acquired a new stake in Modular Medical in the first quarter worth about $34,000. Renaissance Technologies LLC acquired a new stake in Modular Medical in the 2nd quarter worth approximately $40,000. Finally, AWM Investment Company Inc. purchased a new stake in Modular Medical during the 1st quarter worth approximately $1,388,000. Hedge funds and other institutional investors own 27.47% of the company's stock.

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.