On September 12, 2023, Philip Sheibley, a director at Modular Medical Inc (MODD, Financial), made a significant purchase of 10,000 shares of the company's stock. This move is noteworthy as it provides insight into the insider's confidence in the company's future prospects.
Who is Philip Sheibley?
Philip Sheibley is a seasoned executive with a wealth of experience in the healthcare sector. He currently serves as a director at Modular Medical Inc, a position that allows him to influence the strategic direction of the company. His recent purchase of 10,000 shares underscores his belief in the company's potential for growth.
About Modular Medical Inc
Modular Medical Inc is a leading healthcare company that specializes in the development and distribution of innovative medical devices. The company's mission is to improve patient outcomes by providing healthcare professionals with state-of-the-art medical equipment. With a market cap of $22.783 million, Modular Medical Inc is a small-cap company with significant growth potential.
Insider Buying Analysis
Over the past year, Philip Sheibley has purchased a total of 10,000 shares and has not sold any shares. This trend indicates a strong vote of confidence in the company's future prospects. The insider's recent purchase is particularly significant as it represents a substantial investment in the company.
The insider transaction history for Modular Medical Inc shows a total of 3 insider buys over the past year, with no insider sells during the same period. This trend suggests that insiders are bullish on the company's stock, which could signal a positive outlook for the company's future performance.
As shown in the insider trend image above, the insider's buying activity has been consistent over the past year. This trend could be a positive signal for investors as it suggests that the insider believes the stock is undervalued at its current price.
Relationship with Stock Price
On the day of the insider's recent buy, shares of Modular Medical Inc were trading for $1.15 apiece. Given the insider's significant purchase, it's possible that the stock price could see an upward movement in the near future. Historically, insider buying has often preceded a rise in stock prices, as it indicates that those with the most knowledge about the company believe its stock is a good investment.
In conclusion, the insider's recent purchase of 10,000 shares of Modular Medical Inc is a positive signal for the company's future prospects. Investors should keep a close eye on the company's stock price and any future insider buying activity.
