RiverNorth Opportunities Fund, Inc. (NYSE:RIV) Sees Significant Increase in Short Interest

RiverNorth Opportunities Fund, Inc. (NYSE:RIV) was the target of a large increase in short interest in June. As of June 15th, there was short interest totaling 79,024 shares, an increase of 80.2% from the May 31st total of 43,849 shares. Based on an average trading volume of 63,893 shares, the days-to-cover ratio is currently 1.2 days.

RiverNorth Opportunities Fund Stock Up 0.6%

NYSE RIV opened at $11.71 on Friday. The stock has a 50-day moving average of $11.59 and a 200 day moving average of $11.66. RiverNorth Opportunities Fund has a twelve month low of $10.93 and a twelve month high of $12.56.

RiverNorth Opportunities Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th will be given a dividend of $0.1306 per share. The ex-dividend date is Wednesday, July 15th. This represents a c) dividend on an annualized basis and a dividend yield of 13.4%.

Hedge Funds Weigh In On RiverNorth Opportunities Fund

A number of large investors have recently added to or reduced their stakes in the stock. Gateway Wealth Partners LLC purchased a new stake in shares of RiverNorth Opportunities Fund during the fourth quarter worth about $119,000. CIBC Bancorp USA Inc. acquired a new stake in RiverNorth Opportunities Fund in the 3rd quarter worth about $136,000. Tactive Advisors LLC purchased a new stake in RiverNorth Opportunities Fund during the 4th quarter worth approximately $140,000. WealthTrust Asset Management LLC raised its holdings in shares of RiverNorth Opportunities Fund by 13.7% during the first quarter. WealthTrust Asset Management LLC now owns 15,123 shares of the company’s stock valued at $168,000 after acquiring an additional 1,821 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its position in shares of RiverNorth Opportunities Fund by 5.9% in the third quarter. NewEdge Advisors LLC now owns 19,700 shares of the company’s stock valued at $236,000 after acquiring an additional 1,100 shares in the last quarter.

RiverNorth Opportunities Fund Company Profile

RiverNorth Opportunities Fund (NYSE:RIV) is a closed-end management investment company that seeks to deliver total return through a combination of current income and capital appreciation. Listed on the New York Stock Exchange, the fund employs an unconstrained, actively managed approach to investing across a broad array of convertible and derivative securities.

The fund’s primary investments include convertible bonds, convertible preferred stocks, synthetic convertible instruments (such as caps, floors and spreads), and related derivative instruments.