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

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

Analysts Set New Price Targets

Several research analysts have weighed in on RMNI shares. Wall Street Zen lowered shares of Rimini Street from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. TD Cowen reaffirmed a “hold” rating on shares of Rimini Street in a research note on Friday, October 31st. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Rimini Street in a report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $5.75.

Insider Buying and Selling

In other news, CFO Michael L. Perica sold 53,882 shares of the company’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $4.00, for a total value of $215,528.00. Following the transaction, the chief financial officer owned 92,150 shares in the company, valued at $368,600. This represents a 36.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 41.20% of the company’s stock.

Hedge Funds Weigh In On Rimini Street

Several hedge funds have recently bought and sold shares of RMNI. Mink Brook Asset Management LLC lifted its position in shares of Rimini Street by 73.4% in the fourth quarter. Mink Brook Asset Management LLC now owns 1,299,741 shares of the company’s stock worth $5,043,000 after buying an additional 550,167 shares during the last quarter. Samjo Management LLC lifted its holdings in Rimini Street by 149.0% in the 4th quarter. Samjo Management LLC now owns 1,207,750 shares of the company’s stock worth $4,686,000 after purchasing an additional 722,750 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in Rimini Street by 10.7% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 298,678 shares of the company’s stock worth $1,159,000 after purchasing an additional 28,972 shares during the last quarter. Wells Fargo & Company MN boosted its position in Rimini Street by 47.7% during the fourth quarter. Wells Fargo & Company MN now owns 56,643 shares of the company’s stock worth $220,000 after purchasing an additional 18,303 shares during the period. Finally, Jane Street Group LLC grew its holdings in Rimini Street by 19.6% during the fourth quarter. Jane Street Group LLC now owns 174,756 shares of the company’s stock valued at $678,000 after purchasing an additional 28,667 shares during the last quarter. 73.75% of the stock is owned by institutional investors and hedge funds.

Rimini Street Stock Up 0.7%

RMNI stock opened at $3.03 on Friday. The firm has a 50 day moving average of $3.75 and a two-hundred day moving average of $4.09. Rimini Street has a 12 month low of $2.79 and a 12 month high of $5.38. The company has a market capitalization 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.