Rani Therapeutics (NASDAQ:RANI) Major Shareholder South Cone Investments Limited Sells 4,000,000 Shares

Rani Therapeutics Holdings, Inc. (NASDAQ:RANI) major shareholder South Cone Investments Limited sold 4,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 21st. The shares were sold at an average price of $2.77, for a total transaction of $11,080,000.00. Following the completion of the transaction, the insider directly owned 2,379,194 shares of the company’s stock, valued at approximately $6,590,367.38. The trade was a 62.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

South Cone Investments Limited also recently made the following trade(s):

• On Monday, October 20th, South Cone Investments Limited sold 1,923,000 shares of Rani Therapeutics stock. The shares were sold at an average price of $2.41, for a total transaction of $4,634,430.00.

Rani Therapeutics Stock Performance

NASDAQ RANI opened at $2.41 on Thursday. The firm has a 50 day simple moving average of $0.65 and a 200-day simple moving average of $0.69. Rani Therapeutics Holdings, Inc. has a one year low of $0.39 and a one year high of $3.87. The firm has a market cap of $173.21 million, a price-to-earnings ratio of -2.65 and a beta of -0.02.

Rani Therapeutics (NASDAQ:RANI) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.01. Equities analysts predict that Rani Therapeutics Holdings, Inc. will post -1.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Rani Therapeutics

A number of institutional investors have recently modified their holdings of RANI. Well Done LLC acquired a new position in shares of Rani Therapeutics in the 2nd quarter valued at $27,000. Janney Montgomery Scott LLC grew its position in Rani Therapeutics by 102.9% in the 2nd quarter. Janney Montgomery Scott LLC now owns 55,200 shares of the company’s stock valued at $28,000 after buying an additional 28,000 shares during the last quarter. King Luther Capital Management Corp grew its position in Rani Therapeutics by 75.8% in the 1st quarter. King Luther Capital Management Corp now owns 58,000 shares of the company’s stock valued at $73,000 after buying an additional 25,000 shares during the last quarter. CWA Asset Management Group LLC grew its position in Rani Therapeutics by 80.0% in the 3rd quarter. CWA Asset Management Group LLC now owns 150,000 shares of the company’s stock valued at $75,000 after buying an additional 66,667 shares during the last quarter. Finally, Kestra Private Wealth Services LLC grew its position in Rani Therapeutics by 16.3% in the 1st quarter. Kestra Private Wealth Services LLC now owns 139,156 shares of the company’s stock valued at $175,000 after buying an additional 19,536 shares during the last quarter. 30.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Maxim Group raised their target price on shares of Rani Therapeutics from $5.00 to $10.00 and gave the company a “buy” rating in a report on Monday. Weiss Ratings reissued a “sell (e+)” rating on shares of Rani Therapeutics in a report on Wednesday, October 8th. HC Wainwright reissued a “buy” rating and set a $11.00 price objective on shares of Rani Therapeutics in a report on Tuesday. Finally, Wall Street Zen raised shares of Rani Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. Four equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $8.50.

Rani Therapeutics Company Profile

Rani Therapeutics Holdings, Inc operates as a clinical stage biotherapeutics company that develops orally administered biologics for patients, physicians, and healthcare systems in the United States. The company develops the RaniPill capsule, a drug-agnostic oral delivery platform to deliver a variety of drug substances, including oligonucleotides, peptides, proteins, and antibodies.