Modular Medical (NASDAQ: MODD) released its quarterly earnings data on March 15, 2024, revealing that the company posted a loss of $0.14 per share. According to Zacks, this disappointing result has raised concerns among investors regarding the company’s performance and future prospects.
During trading hours on the same day, shares of Modular Medical experienced a modest increase, climbing 11.2% to reach $0.53. A total of 600,683 shares changed hands, significantly lower than the average trading volume of 1,624,637 shares. The stock has fluctuated between a one-year low of $0.46 and a high of $2.20. Currently, Modular Medical has a market capitalization of $29.48 million, a price-to-earnings ratio of -1.05, and a beta of 0.14. The fifty-day moving average stands at $0.62, while the two-hundred-day moving average is $0.74.
Analysts Provide Mixed Ratings
In a separate development, Weiss Ratings reaffirmed a “sell (e+)” rating on Modular Medical shares in a research report issued earlier this week. Presently, one investment analyst has assigned a Sell rating to the stock. According to data from MarketBeat.com, the consensus rating among analysts remains a “Sell,” indicating a cautious outlook on the company’s future performance.
Modular Medical operates as a medical device company, with its headquarters located in San Diego, California. The firm specializes in the design, development, and commercialization of insulin pumps, notably offering the MODD1, a two-part patch pump aimed at individuals with type-1 and type-2 diabetes. As the company continues to navigate through challenging financial results, stakeholders will be keenly observing its strategic moves in the coming months to regain investor confidence.
