Rimini Street (NASDAQ:RMNI) Stock Price Down 2.7% – What’s Next?

Rimini Street, Inc. (NASDAQ:RMNI) shares fell 2.7% during trading on Wednesday . The company traded as low as $3.23 and last traded at $3.26. 274,077 shares traded hands during mid-day trading, a decline of 4% from the average session volume of 285,556 shares. The stock had previously closed at $3.35.

Analyst Ratings Changes

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

Rimini Street Price Performance

The business’s 50 day moving average price is $3.86 and its 200 day moving average price is $4.17. The stock has a market capitalization of $299.11 million, a P/E ratio of 7.09 and a beta of 1.31.

Insiders Place Their Bets

In other news, CFO Michael L. Perica sold 53,882 shares of the stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $4.00, for a total transaction 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 represents a 36.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 41.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Mink Brook Asset Management LLC increased its holdings in shares of Rimini Street by 1,399.1% in the 3rd quarter. Mink Brook Asset Management LLC now owns 749,574 shares of the company’s stock worth $3,508,000 after buying an additional 699,574 shares during the last quarter. Manatuck Hill Partners LLC increased its stake in Rimini Street by 401.4% during the third quarter. Manatuck Hill Partners LLC now owns 604,640 shares of the company’s stock worth $2,830,000 after acquiring an additional 484,040 shares during the last quarter. CenterBook Partners LP purchased a new stake in Rimini Street during the third quarter valued at approximately $1,571,000. Marshall Wace LLP bought a new stake in shares of Rimini Street in the 2nd quarter valued at approximately $1,134,000. Finally, Samjo Management LLC increased its position in shares of Rimini Street by 142.5% during the 2nd quarter. Samjo Management LLC now owns 485,000 shares of the company’s stock valued at $1,828,000 after purchasing an additional 285,000 shares during the last quarter. 73.75% of the stock is currently owned by institutional investors.

Rimini Street Company Profile

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.