Modular Medical (NASDAQ:MODD) Stock Price Up 2.3% – Here’s What Happened

Modular Medical, Inc. (NASDAQ:MODD) shares traded up 2.3% during mid-day trading on Friday . The stock traded as high as $2.35 and last traded at $2.20. Approximately 207,095 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 273,822 shares. The stock had previously closed at $2.15.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MODD. Wall Street Zen upgraded shares of Modular Medical from a “strong sell” rating to a “sell” rating in a research report on Sunday, August 23rd. Weiss Ratings restated a “sell (e+)” rating on shares of Modular Medical in a report on Wednesday, June 24th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Modular Medical presently has a consensus rating of “Sell”.

Modular Medical Stock Up 2.3%

The firm’s 50-day simple moving average is $2.85 and its 200-day simple moving average is $4.15. The firm has a market capitalization of $17.93 million, a PE ratio of -0.25 and a beta of 0.45.

Modular Medical (NASDAQ:MODD) last released its quarterly earnings data on Friday, August 14th. The company reported ($1.19) EPS for the quarter.

Institutional Trading of Modular Medical

A hedge fund recently raised its position in Modular Medical stock. AWM Investment Company Inc. grew its stake in shares of Modular Medical, Inc. (NASDAQ:MODD) by 20.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 441,095 shares of the company’s stock after purchasing an additional 74,429 shares during the quarter. AWM Investment Company Inc. owned approximately 7.38% of Modular Medical worth $1,985,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 27.47% of the company’s stock.

Modular Medical Company Profile

Modular Medical, Inc (NASDAQ:MODD) is a medical device company focused on developing and commercializing insulin-delivery technologies for people with diabetes. The company’s primary product is the MODD1 insulin pump, a wearable device designed to provide continuous subcutaneous insulin infusion.

The MODD1 system is intended to offer a simpler and more accessible alternative to traditional insulin pumps. Modular Medical has emphasized ease of use, streamlined operation and affordability as key elements of its product-development strategy, with the goal of expanding access to pump therapy among people who use insulin.

Modular Medical is based in the United States and has focused its development and regulatory efforts on the U.S.