Rimini Street (NASDAQ:RMNI) Stock Price Passes Below Fifty Day Moving Average – Should You Sell?

Rimini Street, Inc. (NASDAQ:RMNI) passed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $4.86 and traded as low as $4.35. Rimini Street shares last traded at $4.38, with a volume of 652,897 shares trading hands.

Analysts Set New Price Targets

A number of research firms have weighed in on RMNI. Weiss Ratings downgraded Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, July 7th. TD Cowen increased their target price on Rimini Street from $4.50 to $5.00 and gave the stock a “hold” rating in a report on Tuesday, July 28th. Wall Street Zen upgraded Rimini Street from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Zacks Research raised Rimini Street from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Finally, Roth Capital reiterated a “buy” rating and issued a $6.50 price target on shares of Rimini Street in a research report on Thursday, July 30th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.50.

Rimini Street Price Performance

The company has a market capitalization of $408.92 million, a price-to-earnings ratio of 54.76 and a beta of 1.24. The stock has a 50 day moving average price of $4.86 and a two-hundred day moving average price of $4.14.

Insider Buying and Selling

In other Rimini Street news, CEO Seth Ravin sold 89,639 shares of the firm’s stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $5.02, for a total value of $449,987.78. Following the completion of the sale, the chief executive officer owned 10,168,602 shares in the company, valued at approximately $51,046,382.04. This trade represents a 0.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 322,707 shares of company stock worth $1,656,453. 42.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rimini Street

A number of large investors have recently modified their holdings of the stock. AXQ Capital LP bought a new stake in shares of Rimini Street during the second quarter valued at approximately $90,000. Public Employees Retirement System of Ohio bought a new position in Rimini Street in the 2nd quarter worth approximately $158,000. Corient Private Wealth LP acquired a new position in Rimini Street during the 2nd quarter worth $427,000. Bank of America Corp DE acquired a new position in Rimini Street during the 2nd quarter worth $146,000. Finally, The Manufacturers Life Insurance Company bought a new position in Rimini Street in the 2nd quarter valued at $49,000. 73.75% of the stock is currently owned by institutional investors and hedge funds.

Rimini Street Company Profile

Rimini Street, Inc is a global provider of enterprise software products and services. The company is best known for third-party support for enterprise applications, including Oracle and SAP software, and helps organizations maintain, optimize and extend the useful life of their existing technology systems.

Its offerings include software support, managed services, security services, application management, database services, integration and interoperability solutions, and professional services.