Modular Medical (NASDAQ:MODD) Trading Down 1.3% – Here’s What Happened

Modular Medical, Inc. (NASDAQ:MODD)’s stock price traded down 1.3% during trading on Wednesday . The stock traded as low as $0.4706 and last traded at $0.4830. 387,157 shares traded hands during trading, a decline of 76% from the average session volume of 1,636,961 shares. The stock had previously closed at $0.4896.

Analysts Set New Price Targets

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

Modular Medical Stock Down 1.3%

The firm has a market cap of $26.70 million, a price-to-earnings ratio of -0.95 and a beta of 0.14. The business has a 50 day moving average price of $0.63 and a 200-day moving average price of $0.74.

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

Institutional Investors Weigh In On Modular Medical

A number of large investors have recently added to or reduced their stakes in the company. Chicago Partners Investment Group LLC purchased a new stake in Modular Medical during the 1st quarter worth $38,000. Wealthedge Investment Advisors LLC grew its stake in shares of Modular Medical by 261.6% during the first quarter. Wealthedge Investment Advisors LLC now owns 137,569 shares of the company’s stock valued at $150,000 after acquiring an additional 99,524 shares in the last quarter. Solas Capital Management LLC increased its position in shares of 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 acquiring an additional 762,380 shares during the last quarter. 683 Capital Management LLC lifted its stake in shares of Modular Medical by 23.8% in the first quarter. 683 Capital Management LLC now owns 1,980,000 shares of the company’s stock worth $2,158,000 after acquiring an additional 380,000 shares in the last quarter. Finally, Alyeska Investment Group L.P. boosted its holdings in Modular Medical by 156.3% in the first quarter. Alyeska Investment Group L.P. now owns 1,708,332 shares of the company’s stock valued at $1,862,000 after purchasing an additional 1,041,666 shares during the last quarter. 27.47% of the stock is owned by institutional investors and hedge funds.

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.