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

Rimini Street, Inc. (NASDAQ:RMNI) was the target of a significant growth in short interest in the month of 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. Currently, 5.3% of the shares of the stock are short sold. Based on an average daily volume of 334,819 shares, the days-to-cover ratio is presently 8.5 days. Based on an average daily volume of 334,819 shares, the days-to-cover ratio is presently 8.5 days. Currently, 5.3% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

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

Rimini Street Stock Performance

Shares of NASDAQ:RMNI opened at $3.03 on Friday. The company has a market capitalization of $278.00 million, a PE ratio of 6.59 and a beta of 1.31. The stock has a fifty day moving average of $3.75 and a 200-day moving average of $4.09. Rimini Street has a one year low of $2.79 and a one year high of $5.38.

Insider Transactions at Rimini Street

In other Rimini Street news, CFO Michael L. Perica sold 53,882 shares of the firm’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $4.00, for a total transaction of $215,528.00. Following the transaction, the chief financial officer owned 92,150 shares of the company’s stock, valued at approximately $368,600. This trade represents a 36.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 41.20% of the stock is owned by corporate insiders.

Institutional Trading of Rimini Street

A number of hedge funds have recently bought and sold shares of RMNI. Quarry LP purchased a new position in shares of Rimini Street in the third quarter worth approximately $31,000. SG Americas Securities LLC purchased a new position in Rimini Street during the 4th quarter worth approximately $43,000. BNP Paribas Financial Markets raised its stake in Rimini Street by 96.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company’s stock valued at $47,000 after purchasing an additional 4,891 shares during the period. Belvedere Trading LLC purchased a new stake in shares of Rimini Street in the second quarter valued at $64,000. Finally, NewEdge Advisors LLC acquired a new stake in shares of Rimini Street in the first quarter worth $66,000. 73.75% of the stock is owned by hedge funds and other 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.