Short Interest in Rimini Street, Inc. (NASDAQ:RMNI) Drops By 28.0%

Rimini Street, Inc. (NASDAQ:RMNI) was the target of a large decrease in short interest in the month of December. As of December 31st, there was short interest totalling 950,800 shares, a decrease of 28.0% from the December 15th total of 1,320,000 shares. Based on an average trading volume of 367,800 shares, the short-interest ratio is currently 2.6 days. Approximately 2.0% of the company’s shares are short sold.

Analyst Ratings Changes

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

Insider Transactions at Rimini Street

In other news, CEO Seth A. Ravin sold 14,375 shares of the business’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 444,914 shares of the company’s stock, valued at $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 is available at this link. Insiders own 41.00% of the company’s stock.

Hedge Funds Weigh In On Rimini Street

Several institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its position in shares of Rimini Street by 17.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 307,911 shares of the company’s stock valued at $945,000 after buying an additional 46,736 shares during the last quarter. Rhumbline Advisers boosted its stake in Rimini Street by 18.5% in the second quarter. Rhumbline Advisers now owns 95,661 shares of the company’s stock valued at $294,000 after acquiring an additional 14,917 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of Rimini Street by 3.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 301,607 shares of the company’s stock valued at $926,000 after purchasing an additional 10,105 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Rimini Street by 3.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 806,670 shares of the company’s stock worth $2,477,000 after purchasing an additional 26,694 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in shares of Rimini Street by 60.7% in the 3rd quarter. SG Americas Securities LLC now owns 18,289 shares of the company’s stock worth $34,000 after purchasing an additional 6,905 shares during the last quarter. 73.75% of the stock is currently owned by hedge funds and other institutional investors.

Rimini Street Price Performance

RMNI stock traded down $0.01 during midday trading on Friday, reaching $2.82. 210,568 shares of the company’s stock traded hands, compared to its average volume of 298,870. Rimini Street has a fifty-two week low of $1.53 and a fifty-two week high of $3.43. The business has a 50-day moving average price of $2.34 and a two-hundred day moving average price 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:RMNI) last announced its earnings results on Wednesday, October 30th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.15. The business had revenue of $104.67 million for the quarter, compared to analyst estimates of $99.39 million. Rimini Street had a negative return on equity of 83.26% and a negative net margin of 7.87%. As a group, research analysts forecast that Rimini Street will post 0.37 earnings per share for the current fiscal year.

Rimini Street Company Profile

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.