Rimini Street, Inc. (NASDAQ:RMNI) Sees Significant Drop in Short Interest

Rimini Street, Inc. (NASDAQ:RMNIGet Free Report) was the target of a significant decline in short interest in December. As of December 31st, there was short interest totalling 950,800 shares, a decline of 28.0% from the December 15th total of 1,320,000 shares. Currently, 2.0% of the shares of the stock are short sold. Based on an average trading volume of 367,800 shares, the short-interest ratio is currently 2.6 days.

Rimini Street Stock Down 0.4 %

NASDAQ RMNI traded down $0.01 during trading on Friday, hitting $2.82. 210,568 shares of the stock traded hands, compared to its average volume of 298,870. Rimini Street has a 12-month low of $1.53 and a 12-month high of $3.43. The firm has a 50-day simple moving average of $2.36 and a 200-day simple moving average of $2.18. The company has a market capitalization of $256.39 million, a P/E ratio of -7.62 and a beta of 1.28.

Rimini Street (NASDAQ:RMNIGet Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.15. The firm had revenue of $104.67 million during the quarter, compared to analyst estimates of $99.39 million. Rimini Street had a negative net margin of 7.87% and a negative return on equity of 83.26%. As a group, research analysts predict that Rimini Street will post 0.37 EPS for the current fiscal year.

Insider Activity

In other news, CEO Seth A. Ravin sold 14,375 shares of Rimini Street stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $2.20, for a total transaction of $31,625.00. Following the sale, the chief executive officer now owns 444,914 shares in the company, valued at $978,810.80. This trade represents a 3.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 41.00% of the company’s stock.

Institutional Trading of Rimini Street

A number of large investors have recently made changes to their positions in the business. SG Americas Securities LLC lifted its holdings in shares of Rimini Street by 23.2% in the 4th quarter. SG Americas Securities LLC now owns 22,527 shares of the company’s stock valued at $60,000 after acquiring an additional 4,238 shares during the last quarter. State Street Corp lifted its stake in shares of Rimini Street by 0.8% in the 3rd quarter. State Street Corp now owns 1,020,639 shares of the company’s stock valued at $1,888,000 after purchasing an additional 8,377 shares during the last quarter. Ruane Cunniff & Goldfarb L.P. lifted its stake in shares of Rimini Street by 34.3% in the 3rd quarter. Ruane Cunniff & Goldfarb L.P. now owns 38,090 shares of the company’s stock valued at $70,000 after purchasing an additional 9,719 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Rimini Street by 3.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 301,607 shares of the company’s stock worth $926,000 after purchasing an additional 10,105 shares during the period. Finally, Rhumbline Advisers lifted its position in Rimini Street by 18.5% in the second quarter. Rhumbline Advisers now owns 95,661 shares of the company’s stock worth $294,000 after buying an additional 14,917 shares during the last quarter. 73.75% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Craig Hallum upgraded shares of Rimini Street from a “hold” rating to a “buy” rating and lifted their price target for the company from $2.00 to $6.00 in a report on Tuesday, December 17th.

Check Out Our Latest Stock Report on Rimini Street

About Rimini Street

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Rimini Street, Inc provides enterprise software products, services, and support. The company engages in the provision of support services for Oracle and SAP enterprise software products. It also provides Rimini ONE, an outsourcing option that offers a set of unified and integrated services to run, manage, support, customize, configure, connect, protect, monitor, and optimize its clients’ application, database, and technology enterprise software; Rimini Support, a mission-critical support for Oracle, SAP, proprietary and open-source database, and technology software; Rimini Manage, a suite of managed services for application and database software; Rimini Protect, a suite of personalized software security services and solutions; and Rimini Connect, a suite of managed interoperability solutions for browsers, operating systems, and email systems.

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