Modular Medical, Inc. (NASDAQ:MODD) Sees Large Decline in Short Interest

Modular Medical, Inc. (NASDAQ:MODD) was the target of a significant drop in short interest in December. As of December 15th, there was short interest totalling 362,500 shares, a drop of 13.5% from the November 30th total of 419,200 shares. Approximately 1.0% of the company’s stock are sold short. Based on an average daily trading volume, of 168,600 shares, the days-to-cover ratio is currently 2.2 days.

Insider Buying and Selling

In other Modular Medical news, Director Manchester Management Co Llc acquired 100,000 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were acquired at an average price of $1.69 per share, with a total value of $169,000.00. Following the completion of the transaction, the director now directly owns 244,750 shares in the company, valued at $413,627.50. This trade represents a 69.08 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders bought 287,666 shares of company stock worth $454,279. 32.34% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Renaissance Technologies LLC acquired a new stake in shares of Modular Medical in the 2nd quarter valued at approximately $40,000. Virtu Financial LLC bought a new stake in Modular Medical during the third quarter worth $44,000. Walleye Capital LLC lifted its stake in Modular Medical by 299.8% in the third quarter. Walleye Capital LLC now owns 75,418 shares of the company’s stock valued at $170,000 after acquiring an additional 56,552 shares during the last quarter. State Street Corp increased its stake in shares of Modular Medical by 285.8% during the 3rd quarter. State Street Corp now owns 76,000 shares of the company’s stock worth $171,000 after purchasing an additional 56,300 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Modular Medical by 45.0% in the 3rd quarter. Geode Capital Management LLC now owns 306,440 shares of the company’s stock valued at $690,000 after purchasing an additional 95,072 shares during the period. 27.47% of the stock is owned by institutional investors and hedge funds.

Modular Medical Price Performance

Shares of NASDAQ:MODD opened at $1.37 on Wednesday. The company’s 50-day moving average price is $1.83 and its two-hundred day moving average price is $1.84. Modular Medical has a one year low of $1.08 and a one year high of $2.65. The stock has a market capitalization of $47.53 million, a PE ratio of -2.17 and a beta of 0.46.

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.