Modular Medical (NASDAQ:MODD) Shares Down 1.8% – Here’s Why

Modular Medical, Inc. (NASDAQ:MODD)’s share price was down 1.8% during trading on Tuesday . The stock traded as low as $0.59 and last traded at $0.60. Approximately 162,928 shares traded hands during trading, a decline of 45% from the average daily volume of 294,313 shares. The stock had previously closed at $0.61.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Modular Medical in a report on Tuesday, October 14th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of “Sell”.

Modular Medical Stock Performance

The stock has a fifty day simple moving average of $0.69 and a 200-day simple moving average of $0.78. The stock has a market cap of $32.97 million, a P/E ratio of -1.17 and a beta of 0.17.

Modular Medical (NASDAQ:MODD) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.02).

Hedge Funds Weigh In On Modular Medical

Several hedge funds have recently modified their holdings of the stock. Sio Capital Management LLC grew its holdings in shares of Modular Medical by 211.8% in the 2nd quarter. Sio Capital Management LLC now owns 785,824 shares of the company’s stock valued at $585,000 after acquiring an additional 533,834 shares in the last quarter. AWM Investment Company Inc. grew its holdings in shares of Modular Medical by 12.8% in the 1st quarter. AWM Investment Company Inc. now owns 1,033,732 shares of the company’s stock valued at $1,127,000 after acquiring an additional 117,066 shares in the last quarter. Alyeska Investment Group L.P. grew its holdings in shares of Modular Medical by 156.3% in the 1st quarter. Alyeska Investment Group L.P. now owns 1,708,332 shares of the company’s stock valued at $1,862,000 after acquiring an additional 1,041,666 shares in the last quarter. 683 Capital Management LLC grew its holdings in Modular Medical by 23.8% during the first quarter. 683 Capital Management LLC now owns 1,980,000 shares of the company’s stock worth $2,158,000 after purchasing an additional 380,000 shares during the period. Finally, Solas Capital Management LLC grew its holdings in Modular Medical by 30.7% during the first quarter. Solas Capital Management LLC now owns 3,243,475 shares of the company’s stock worth $3,519,000 after purchasing an additional 762,380 shares during the period. Institutional investors own 27.47% of the company’s stock.

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.