Rani Therapeutics Holdings, Inc. (NASDAQ:RANI) Sees Significant Growth in Short Interest

Rani Therapeutics Holdings, Inc. (NASDAQ:RANI) saw a large growth in short interest during the month of October. As of October 15th, there was short interest totalling 2,550,000 shares, a growth of 223.4% from the September 30th total of 788,600 shares. Currently, 12.3% of the shares of the company are short sold. Based on an average daily volume of 1,480,000 shares, the short-interest ratio is currently 1.7 days.

Rani Therapeutics Price Performance

RANI traded down $0.05 during midday trading on Friday, reaching $2.34. 796,803 shares of the company’s stock were exchanged, compared to its average volume of 541,223. The company has a debt-to-equity ratio of 3.10, a current ratio of 1.93 and a quick ratio of 1.93. The stock has a market capitalization of $124.98 million, a PE ratio of -2.13 and a beta of 0.12. The business’s 50-day moving average price is $2.55 and its 200 day moving average price is $3.83. Rani Therapeutics has a 1-year low of $1.82 and a 1-year high of $8.75.

Rani Therapeutics (NASDAQ:RANI) last announced its earnings results on Tuesday, August 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.03. As a group, equities analysts anticipate that Rani Therapeutics will post -0.98 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rani Therapeutics news, major shareholder South Cone Investments Limited sold 3,829,360 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $2.65, for a total transaction of $10,147,804.00. Following the transaction, the insider now directly owns 8,302,194 shares of the company’s stock, valued at approximately $22,000,814.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 53.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rani Therapeutics

A hedge fund recently bought a new stake in Rani Therapeutics stock. Marshall Wace LLP acquired a new stake in Rani Therapeutics Holdings, Inc. (NASDAQ:RANI) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 21,247 shares of the company’s stock, valued at approximately $81,000. 30.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Oppenheimer assumed coverage on shares of Rani Therapeutics in a report on Friday, August 2nd. They issued an “outperform” rating and a $17.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 target price on shares of Rani Therapeutics in a report on Friday, October 18th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Rani Therapeutics has a consensus rating of “Buy” and a consensus price target of $11.71.

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.