Rimini Street (NASDAQ:RMNI) Trading 4.1% Higher – Here’s What Happened

Rimini Street, Inc. (NASDAQ:RMNI)’s share price shot up 4.1% on Friday . The stock traded as high as $5.62 and last traded at $5.59. 131,662 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 396,634 shares. The stock had previously closed at $5.37.

Wall Street Analyst Weigh In

Several research firms have recently commented on RMNI. Weiss Ratings downgraded shares of Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, July 7th. Craig Hallum reissued a “buy” rating and set a $8.00 price target on shares of Rimini Street in a research report on Friday, July 31st. Alliance Global Partners reaffirmed a “buy” rating on shares of Rimini Street in a report on Friday, May 1st. Wall Street Zen upgraded Rimini Street from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. Finally, Zacks Research raised Rimini Street from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $6.50.

Rimini Street Price Performance

The stock has a market capitalization of $514.41 million, a PE ratio of 68.88 and a beta of 1.23. The stock’s fifty day moving average is $4.72 and its 200-day moving average is $3.97.

Institutional Trading of Rimini Street

Hedge funds have recently bought and sold shares of the business. Quarry LP purchased a new position in Rimini Street in the 3rd quarter worth approximately $31,000. BNP Paribas Financial Markets boosted its stake in Rimini Street by 96.8% during the third quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company’s stock worth $47,000 after buying an additional 4,891 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Rimini Street in the 2nd quarter valued at $49,000. nVerses Capital LLC acquired a new stake in shares of Rimini Street in the 4th quarter worth $57,000. Finally, NewEdge Advisors LLC acquired a new position in shares of Rimini Street during the 1st quarter valued at about $66,000. Institutional investors and hedge funds own 73.75% of the company’s stock.

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.