Modular Medical (NASDAQ:MODD) Shares Up 21.1% – Should You Buy?

Modular Medical, Inc. (NASDAQ:MODD)’s stock price shot up 21.1% during mid-day trading on Wednesday . The stock traded as high as $0.4248 and last traded at $0.4040. 800,558 shares changed hands during mid-day trading, an increase of 39% from the average session volume of 574,695 shares. The stock had previously closed at $0.3337.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Modular Medical in a report on Monday. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has a consensus rating of “Sell”.

Modular Medical Stock Performance

The stock has a market capitalization of $25.73 million, a P/E ratio of -0.79 and a beta of 0.16. The business has a 50 day simple moving average of $0.46 and a 200-day simple moving average of $0.63.

Modular Medical (NASDAQ:MODD) last announced its earnings results on Friday, November 14th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.04).

Institutional Trading of Modular Medical

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Solas Capital Management LLC grew its position in Modular Medical by 30.7% in the first quarter. Solas Capital Management LLC now owns 3,243,475 shares of the company’s stock worth $3,519,000 after buying an additional 762,380 shares during the last quarter. 683 Capital Management LLC lifted its position in shares of Modular Medical by 23.8% during the 1st quarter. 683 Capital Management LLC now owns 1,980,000 shares of the company’s stock valued at $2,158,000 after acquiring an additional 380,000 shares during the last quarter. AWM Investment Company Inc. lifted its position in shares of Modular Medical by 12.8% during 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 during the last quarter. Alyeska Investment Group L.P. boosted its stake in shares of Modular Medical by 156.3% during the 1st quarter. Alyeska Investment Group L.P. now owns 1,708,332 shares of the company’s stock worth $1,862,000 after acquiring an additional 1,041,666 shares in the last quarter. Finally, 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 worth $585,000 after acquiring an additional 533,834 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.