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

Rimini Street, Inc. (NASDAQ:RMNI) saw a significant growth in short interest in January. As of January 30th, there was short interest totaling 2,839,114 shares, a growth of 41.5% from the January 15th total of 2,005,932 shares. Based on an average daily trading volume, of 334,819 shares, the days-to-cover ratio is currently 8.5 days. Currently, 5.3% of the company’s shares are sold short. Currently, 5.3% of the company’s shares are sold short. Based on an average daily trading volume, of 334,819 shares, the days-to-cover ratio is currently 8.5 days.

Insider Activity at Rimini Street

In other news, CFO Michael L. Perica sold 53,882 shares of Rimini Street stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $4.00, for a total value of $215,528.00. Following the transaction, the chief financial officer directly owned 92,150 shares of the company’s stock, valued at $368,600. This trade represents a 36.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 41.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rimini Street

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RMNI. Brooktree Capital Management grew its position in Rimini Street by 0.4% in the second quarter. Brooktree Capital Management now owns 3,902,223 shares of the company’s stock worth $14,711,000 after acquiring an additional 15,770 shares in the last quarter. Pacific Ridge Capital Partners LLC increased its position in Rimini Street by 9.4% during the fourth quarter. Pacific Ridge Capital Partners LLC now owns 1,857,512 shares of the company’s stock worth $7,207,000 after buying an additional 159,673 shares during the last quarter. Mink Brook Asset Management LLC raised its holdings in Rimini Street by 73.4% during the fourth quarter. Mink Brook Asset Management LLC now owns 1,299,741 shares of the company’s stock valued at $5,043,000 after buying an additional 550,167 shares in the last quarter. Geode Capital Management LLC raised its holdings in Rimini Street by 1.5% during the second quarter. Geode Capital Management LLC now owns 1,234,075 shares of the company’s stock valued at $4,653,000 after buying an additional 18,808 shares in the last quarter. Finally, Samjo Management LLC lifted its position in shares of Rimini Street by 149.0% in the fourth quarter. Samjo Management LLC now owns 1,207,750 shares of the company’s stock worth $4,686,000 after buying an additional 722,750 shares during the last quarter. Institutional investors own 73.75% of the company’s stock.

Analysts Set New Price Targets

RMNI has been the topic of several research analyst reports. TD Cowen reiterated a “hold” rating on shares of Rimini Street in a research report on Friday, October 31st. Wall Street Zen lowered Rimini Street from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Rimini Street in a research report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $5.75.

Rimini Street Trading Up 0.7%

RMNI opened at $3.03 on Tuesday. The stock has a fifty day moving average price of $3.73 and a 200 day moving average price of $4.07. Rimini Street has a 1 year low of $2.79 and a 1 year high of $5.38. The stock has a market cap of $278.00 million, a price-to-earnings ratio of 6.59 and a beta of 1.31.

About Rimini Street

Rimini Street, Inc (NASDAQ: RMNI) is a provider of enterprise software support services, specializing in third-party maintenance for mission-critical applications from leading technology vendors. The company offers comprehensive support for ERP, CRM and database environments, with coverage for systems from providers such as Oracle and SAP. Through its proactive system monitoring, performance tuning, regulatory and tax update services, Rimini Street aims to extend the lifecycle of enterprise applications while delivering service levels comparable to or exceeding those of original software vendors.

Founded in 2005 by technology entrepreneur Seth Ravin, Rimini Street has grown from a startup into a publicly traded company following its initial public offering in March 2018.