Rimini Street (NASDAQ:RMNI) Hits New 52-Week High – What’s Next?

Shares of Rimini Street, Inc. (NASDAQ:RMNI) reached a new 52-week high during trading on Thursday . The company traded as high as $5.38 and last traded at $5.3650, with a volume of 273851 shares. The stock had previously closed at $5.15.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Alliance Global Partners reaffirmed a “buy” rating on shares of Rimini Street in a report on Friday, May 1st. Wall Street Zen raised shares of Rimini Street from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. TD Cowen raised their target price on shares of Rimini Street from $4.50 to $5.00 and gave the company a “hold” rating in a research report on Tuesday, July 28th. Craig Hallum reaffirmed a “buy” rating and set a $8.00 target price on shares of Rimini Street in a research note on Friday, July 31st. Finally, Weiss Ratings downgraded shares of Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, July 7th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $6.50.

Rimini Street Stock Up 5.2%

The stock has a market capitalization of $527.48 million, a price-to-earnings ratio of 70.63 and a beta of 1.23. The stock has a 50 day moving average price of $4.75 and a 200 day moving average price of $3.98.

Institutional Investors Weigh In On Rimini Street

Several hedge funds have recently added to or reduced their stakes in RMNI. Cubist Systematic Strategies LLC bought a new stake in Rimini Street during the 1st quarter worth approximately $134,000. AQR Capital Management LLC raised its stake in shares of Rimini Street by 243.9% during the first quarter. AQR Capital Management LLC now owns 36,360 shares of the company’s stock valued at $127,000 after acquiring an additional 25,788 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in shares of Rimini Street during the first quarter worth $271,000. NewEdge Advisors LLC acquired a new position in shares of Rimini Street during the first quarter worth $66,000. Finally, Jane Street Group LLC lifted its holdings in shares of Rimini Street by 120.2% during the first quarter. Jane Street Group LLC now owns 33,179 shares of the company’s stock worth $115,000 after purchasing an additional 18,112 shares during the period. 73.75% of the stock is currently owned by institutional investors and hedge funds.

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.