Insider Selling: Rani Therapeutics (NASDAQ:RANI) Major Shareholder Sells $4,634,430.00 in Stock

Rani Therapeutics Holdings, Inc. (NASDAQ:RANI) major shareholder South Cone Investments Limited sold 1,923,000 shares of the stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $2.41, for a total transaction of $4,634,430.00. Following the completion of the transaction, the insider owned 6,379,194 shares of the company’s stock, valued at approximately $15,373,857.54. The trade was a 23.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Tuesday, October 21st, South Cone Investments Limited sold 4,000,000 shares of Rani Therapeutics stock. The stock was sold at an average price of $2.77, for a total transaction of $11,080,000.00.

Rani Therapeutics Price Performance

Shares of Rani Therapeutics stock opened at $1.82 on Friday. The company has a 50-day moving average of $0.71 and a 200 day moving average of $0.70. The firm has a market cap of $130.80 million, a price-to-earnings ratio of -2.00 and a beta of -0.02. Rani Therapeutics Holdings, Inc. has a 1 year low of $0.39 and a 1 year high of $3.87.

Rani Therapeutics (NASDAQ:RANI) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.01. On average, equities analysts anticipate that Rani Therapeutics Holdings, Inc. will post -1.01 EPS for the current year.

Institutional Investors Weigh In On Rani Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of RANI. Armistice Capital LLC bought a new stake in shares of Rani Therapeutics during the second quarter valued at approximately $1,619,000. CWA Asset Management Group LLC raised its position in shares of Rani Therapeutics by 80.0% during the third 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. Well Done LLC bought a new stake in shares of Rani Therapeutics during the second quarter valued at approximately $27,000. Janney Montgomery Scott LLC raised its position in shares of Rani Therapeutics by 102.9% during the second 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. Finally, King Luther Capital Management Corp increased its position in Rani Therapeutics by 75.8% in the first quarter. King Luther Capital Management Corp now owns 58,000 shares of the company’s stock worth $73,000 after purchasing an additional 25,000 shares during the last quarter. Institutional investors own 30.19% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and set a $11.00 price target on shares of Rani Therapeutics in a report on Tuesday. Wall Street Zen raised shares of Rani Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. Maxim Group raised their price objective on shares of Rani Therapeutics from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Monday, October 20th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Rani Therapeutics in a report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $8.50.

About Rani Therapeutics

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.