Rani Therapeutics (NASDAQ:RANI) Posts Earnings Results, Misses Expectations By $0.03 EPS

Rani Therapeutics (NASDAQ:RANI) issued its earnings results on Thursday. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.03), FiscalAI reports.

Rani Therapeutics Stock Performance

NASDAQ RANI traded down $0.25 during trading hours on Friday, hitting $2.02. The company had a trading volume of 6,407,335 shares, compared to its average volume of 53,376,040. Rani Therapeutics has a 1-year low of $0.39 and a 1-year high of $3.87. The company has a market cap of $145.18 million, a PE ratio of -2.56 and a beta of 0.38. The business has a 50 day moving average of $1.00 and a 200-day moving average of $0.75.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Maxim Group increased their price objective on shares of Rani Therapeutics from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Monday, October 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rani Therapeutics in a report on Friday, October 31st. Wall Street Zen upgraded Rani Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, August 16th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $11.00 price objective on shares of Rani Therapeutics in a research report on Tuesday, October 21st. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Rani Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $8.50.

Insider Transactions at Rani Therapeutics

In other news, major shareholder South Cone Investments Limited sold 4,000,000 shares of the business’s stock in a transaction dated Tuesday, October 21st. The stock was sold at an average price of $2.77, for a total value of $11,080,000.00. Following the completion of the sale, 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 Securities & Exchange Commission, which is accessible through this link. Also, Director Mir A. Imran bought 2,083,334 shares of the firm’s stock in a transaction that occurred on Thursday, October 23rd. The stock was purchased at an average cost of $0.60 per share, with a total value of $1,250,000.40. Following the completion of the transaction, the director owned 2,083,334 shares in the company, valued at approximately $1,250,000.40. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 45.08% 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. Armistice Capital LLC purchased a new stake in Rani Therapeutics Holdings, Inc. (NASDAQ:RANI) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 3,151,354 shares of the company’s stock, valued at approximately $1,619,000. Armistice Capital LLC owned about 4.99% of Rani Therapeutics at the end of the most recent reporting period. 30.19% of the stock is currently owned by hedge funds and other institutional investors.

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.