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

Key Points

• South Cone Investments Limited, a major shareholder of Rani Therapeutics, sold a total of $15 million worth of stock in two transactions, significantly decreasing their ownership by 23.16%.
• Rani Therapeutics had a recent EPS of ($0.18) for the last quarter, which was better than analysts' expectations of ($0.19).
• Analysts have given Rani Therapeutics an average rating of "Moderate Buy" with a price target of $8.50, with several upgrades on their rating following recent performance.

Rani Therapeutics Holdings, Inc. (NASDAQ:RANI - Get Free Report) major shareholder South Cone Investments Limited sold 1,923,000 shares of the business's stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $2.41, for a total value of $4,634,430.00. Following the transaction, the insider directly owned 6,379,194 shares of the company's stock, valued at approximately $15,373,857.54. This represents a 23.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Major shareholders that own more than 10% 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 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 value of $11,080,000.00.

Rani Therapeutics Price Performance

Shares of Rani Therapeutics stock traded down $0.44 on Wednesday, reaching $2.41. 62,906,037 shares of the company were exchanged, compared to its average volume of 5,220,490. Rani Therapeutics Holdings, Inc. has a 1-year low of $0.39 and a 1-year high of $3.87. The company has a market cap of $173.21 million, a P/E ratio of -2.65 and a beta of -0.02. The stock's 50 day moving average price is $0.61 and its 200-day moving average price is $0.67.

Rani Therapeutics (NASDAQ:RANI - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.18) EPS for the quarter, topping analysts' consensus estimates of ($0.19) by $0.01. On average, research analysts predict that Rani Therapeutics Holdings, Inc. will post -1.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rani Therapeutics

Large investors have recently modified their holdings of the company. Well Done LLC acquired a new stake in shares of Rani Therapeutics in the second quarter valued at approximately $27,000. Janney Montgomery Scott LLC raised its stake 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 worth $28,000 after purchasing an additional 28,000 shares during the last quarter. King Luther Capital Management Corp raised its stake in shares of Rani Therapeutics by 75.8% during 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. Kestra Private Wealth Services LLC raised its stake in shares of Rani Therapeutics by 16.3% during the first quarter. Kestra Private Wealth Services LLC now owns 139,156 shares of the company's stock worth $175,000 after purchasing an additional 19,536 shares during the last quarter. Finally, CWA Asset Management Group LLC raised its stake 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 worth $75,000 after purchasing an additional 66,667 shares during the last quarter. 30.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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