Modular Medical (NASDAQ:MODD) Trading Down 4.1%

Modular Medical, Inc. (NASDAQ:MODD) shares fell 4.1% during trading on Friday . The stock traded as low as $1.62 and last traded at $1.63. 21,798 shares were traded during mid-day trading, a decline of 89% from the average session volume of 195,519 shares. The stock had previously closed at $1.70.

Wall Street Analyst Weigh In

Separately, Benchmark reissued a “speculative buy” rating and set a $5.00 price target on shares of Modular Medical in a research report on Thursday, March 21st.

Modular Medical Stock Performance

The stock has a 50 day moving average price of $1.75 and a two-hundred day moving average price of $1.55. The company has a market capitalization of $35.70 million, a PE ratio of -1.68 and a beta of 0.43.

Modular Medical (NASDAQ:MODD) last posted its quarterly earnings results on Tuesday, February 13th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.06). Sell-side analysts predict that Modular Medical, Inc. will post -0.72 earnings per share for the current year.

Insider Activity

In other Modular Medical news, Director Manchester Management Co Llc bought 900,000 shares of the stock in a transaction on Friday, February 16th. The shares were purchased at an average price of $1.10 per share, with a total value of $990,000.00. Following the acquisition, the director now directly owns 3,118,227 shares of the company’s stock, valued at approximately $3,430,049.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 32.34% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Modular Medical

Hedge funds and other institutional investors have recently modified their holdings of the stock. Citadel Advisors LLC bought a new position in shares of Modular Medical during the 2nd quarter worth approximately $28,000. Navigation Wealth Management Inc. bought a new position in shares of Modular Medical during the 1st quarter worth approximately $34,000. Perritt Capital Management Inc. bought a new position in shares of Modular Medical during the 3rd quarter worth approximately $46,000. Finally, Vanguard Group Inc. raised its position in Modular Medical by 15.5% in the 4th quarter. Vanguard Group Inc. now owns 123,803 shares of the company’s stock valued at $225,000 after purchasing an additional 16,571 shares during the last quarter. Institutional investors own 27.47% of the company’s stock.

Modular Medical Company Profile

Modular Medical, Inc operates as a development stage medical device company. It focuses on the design, development, and commercialization of insulin pumps. It offers MODD1, a two-part patch pump for diabetes. The company was founded in 1998 and is headquartered in San Diego, California.