Modular Medical (NASDAQ:MODD) Shares Down 4.1%

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

Analysts Set New Price Targets

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

Modular Medical Price Performance

The business has a 50-day moving average price of $1.75 and a 200-day moving average price of $1.55.

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 the consensus estimate of ($0.17) by ($0.06). As a group, sell-side analysts predict that Modular Medical, Inc. will post -0.72 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Manchester Management Co Llc bought 900,000 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was purchased at an average cost of $1.10 per share, for a total transaction of $990,000.00. Following the completion of the acquisition, the director now owns 3,118,227 shares in the company, valued at approximately $3,430,049.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 32.34% of the stock is owned by company insiders.

Hedge Funds Weigh In On Modular Medical

Hedge funds have recently added to or reduced their stakes in the stock. Perritt Capital Management Inc. purchased a new position in Modular Medical during the 3rd quarter worth approximately $46,000. Vanguard Group Inc. increased 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 acquiring an additional 16,571 shares during the period. Citadel Advisors LLC purchased a new stake in shares of Modular Medical during the fourth quarter worth approximately $41,000. Finally, Navigation Wealth Management Inc. purchased a new position in Modular Medical during the 1st quarter worth $34,000. 27.47% of the stock is currently owned by hedge funds and other institutional investors.

About Modular Medical

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.