RiverNorth Opportunities Fund, Inc. (NYSE:RIV) Stock Short Interest Declines 93.8%

RiverNorth Opportunities Fund, Inc. (NYSE:RIV) was the target of a significant decline in short interest during the month of September. As of September 30th, there was short interest totaling 62,849 shares, a decline of 93.8% from the September 15th total of 1,011,647 shares. Based on an average daily volume of 95,851 shares, the short-interest ratio is currently 0.7 days.

RiverNorth Opportunities Fund Stock Performance

NYSE RIV traded down $0.01 during trading on Friday, hitting $10.24. 110,444 shares of the company’s stock traded hands, compared to its average volume of 96,974. The stock has a fifty day moving average of $10.85 and a two-hundred day moving average of $11.28. RiverNorth Opportunities Fund has a 12-month low of $10.20 and a 12-month high of $12.15.

RiverNorth Opportunities Fund Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be issued a dividend of $0.1306 per share. The ex-dividend date is Tuesday, December 15th. This represents a $1.57 annualized dividend and a yield of 15.3%.

Hedge Funds Weigh In On RiverNorth Opportunities Fund

A number of large investors have recently bought and sold shares of the stock. Sit Investment Associates Inc. lifted its position in RiverNorth Opportunities Fund by 1,374.7% in the fourth quarter. Sit Investment Associates Inc. now owns 2,771,040 shares of the company’s stock valued at $32,532,000 after purchasing an additional 2,583,139 shares during the last quarter. Yakira Capital Management Inc. bought a new position in shares of RiverNorth Opportunities Fund in the fourth quarter worth approximately $5,244,000. Arete Wealth Advisors LLC increased its stake in shares of RiverNorth Opportunities Fund by 15.9% in the first quarter. Arete Wealth Advisors LLC now owns 437,265 shares of the company’s stock worth $4,867,000 after buying an additional 60,096 shares during the period. Bank of America Corp DE purchased a new position in shares of RiverNorth Opportunities Fund in the second quarter worth $3,869,000. Finally, Royal Bank of Canada raised its holdings in RiverNorth Opportunities Fund by 3.6% during the 1st quarter. Royal Bank of Canada now owns 205,141 shares of the company’s stock valued at $2,277,000 after buying an additional 7,216 shares during the last quarter.

About RiverNorth Opportunities Fund

RiverNorth Opportunities Fund (NYSE: RIV) is a diversified closed-end management investment company. The fund seeks to provide investors with total return through a combination of current income and capital appreciation.

RIV primarily invests in other closed-end funds, exchange-traded funds, business development companies and other income-oriented securities. Its investment approach is designed to identify opportunities where market prices may differ from the underlying value of the assets, while also emphasizing income-producing investments.

The fund is advised by RiverNorth Capital Management, an investment manager specializing in tactical and opportunistic strategies involving closed-end funds and other asset classes.