Rimini Street, Inc. (NASDAQ:RMNI) Short Interest Update

Rimini Street, Inc. (NASDAQ:RMNI) was the target of a large decline in short interest during the month of 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 company are short sold. Based on an average daily trading volume, of 367,800 shares, the days-to-cover ratio is currently 2.6 days.

Insiders Place Their Bets

In other Rimini Street news, CEO Seth A. Ravin sold 14,375 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $2.20, for a total value of $31,625.00. Following the completion of the transaction, the chief executive officer now owns 444,914 shares of the company’s stock, valued at approximately $978,810.80. The trade was a 3.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 41.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Rimini Street

Institutional investors have recently made changes to their positions in the company. Brooktree Capital Management lifted its stake in Rimini Street by 14.6% in the third quarter. Brooktree Capital Management now owns 3,509,661 shares of the company’s stock worth $6,493,000 after purchasing an additional 445,984 shares during the last quarter. State Street Corp increased its position in shares of Rimini Street by 0.8% during the third quarter. State Street Corp now owns 1,020,639 shares of the company’s stock worth $1,888,000 after acquiring an additional 8,377 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Rimini Street by 3.4% during the second quarter. Dimensional Fund Advisors LP now owns 806,670 shares of the company’s stock worth $2,477,000 after acquiring an additional 26,694 shares during the period. Round Hill Asset Management increased its position in shares of Rimini Street by 54.1% during the third quarter. Round Hill Asset Management now owns 348,306 shares of the company’s stock worth $644,000 after acquiring an additional 122,333 shares during the period. Finally, Bard Associates Inc. increased its holdings in Rimini Street by 7.7% during the third quarter. Bard Associates Inc. now owns 345,257 shares of the company’s stock valued at $639,000 after buying an additional 24,757 shares during the period. Institutional investors own 73.75% of the company’s stock.

Rimini Street Stock Performance

Shares of NASDAQ RMNI traded down $0.03 during midday trading on Friday, hitting $2.81. 120,933 shares of the company’s stock traded hands, compared to its average volume of 289,732. Rimini Street has a 1 year low of $1.53 and a 1 year high of $3.43. The stock has a market capitalization of $255.03 million, a price-to-earnings ratio of -7.58 and a beta of 1.28. The firm has a fifty day moving average of $2.34 and a 200 day moving average of $2.18.

Rimini Street (NASDAQ:RMNI) last released its earnings results on Wednesday, October 30th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.15. The company 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%. On average, equities analysts anticipate that Rimini Street will post 0.37 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Craig Hallum raised Rimini Street from a “hold” rating to a “buy” rating and boosted their target price for the stock from $2.00 to $6.00 in a research report on Tuesday, December 17th.

About Rimini Street

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.