Rimini Street (NASDAQ:RMNI) Stock Breaks Above 200 Day Moving Average – Here’s What Happened

Rimini Street, Inc. (NASDAQ:RMNI) shares crossed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $4.03 and traded as high as $4.08. Rimini Street shares last traded at $4.04, with a volume of 195,811 shares changing hands.

Wall Street Analyst Weigh In

RMNI has been the topic of several research analyst reports. Craig Hallum reissued a “buy” rating and issued a $8.00 target price on shares of Rimini Street in a report on Friday, July 31st. Zacks Research upgraded shares of Rimini Street from a “strong sell” rating to a “hold” rating in a research report on Monday, July 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rimini Street in a research note on Friday, October 2nd. Roth Capital reiterated a “buy” rating and issued a $6.50 price target on shares of Rimini Street in a report on Thursday, July 30th. Finally, Wall Street Zen upgraded shares of Rimini Street from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.33.

Rimini Street Price Performance

The company’s 50-day simple moving average is $4.50 and its 200 day simple moving average is $4.03. The firm has a market cap of $376.24 million, a P/E ratio of 50.38 and a beta of 1.31.

Insider Activity

In other news, CEO Seth Ravin sold 89,639 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $5.02, for a total transaction of $449,987.78. Following the transaction, the chief executive officer owned 10,168,602 shares of the company’s stock, valued at approximately $51,046,382.04. The trade was a 0.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last three months, insiders sold 327,591 shares of company stock valued at $1,677,747. 42.00% of the stock is owned by company insiders.

Institutional Trading of Rimini Street

Institutional investors have recently bought and sold shares of the stock. Conifer Management L.L.C. purchased a new stake in shares of Rimini Street in the second quarter valued at $25,190,228. BlackRock Inc. bought a new stake in shares of Rimini Street in the 2nd quarter worth about $15,729,000. Dimensional Fund Advisors LP lifted its holdings in shares of Rimini Street by 77.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 373,019 shares of the company’s stock worth $1,222,000 after acquiring an additional 162,293 shares during the last quarter. Bard Associates Inc. purchased a new position in shares of Rimini Street during the 2nd quarter worth about $1,094,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Rimini Street during the 2nd quarter worth about $975,000. 73.75% of the stock is currently owned by institutional investors.

Rimini Street Company Profile

Rimini Street, Inc provides enterprise software support, products and services for organizations using business applications and database systems. The company is best known for third-party support for software from Oracle, SAP and other enterprise technology providers, helping customers maintain existing systems while reducing the need for frequent upgrades.

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