Rimini Street (NASDAQ:RMNI) Stock Price Down 2.7% – What’s Next?

Rimini Street, Inc. (NASDAQ:RMNI) shares traded down 2.7% during mid-day trading on Wednesday . The company traded as low as $3.23 and last traded at $3.26. 274,077 shares were traded during mid-day trading, a decline of 4% from the average session volume of 285,556 shares. The stock had previously closed at $3.35.

Wall Street Analyst Weigh In

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

Rimini Street Stock Performance

The firm has a fifty day simple moving average of $3.86 and a 200 day simple moving average of $4.17. The company has a market capitalization of $299.11 million, a PE ratio of 7.09 and a beta of 1.31.

Insiders Place Their Bets

In other news, CFO Michael L. Perica sold 53,882 shares of the stock in a transaction that occurred on 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 directly owned 92,150 shares in the company, valued at approximately $368,600. This trade represents a 36.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 41.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rimini Street

Several institutional investors and hedge funds have recently added to or reduced their stakes in RMNI. BNP Paribas Financial Markets boosted its stake in Rimini Street by 96.8% in the 3rd 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. Quarry LP acquired a new stake in shares of Rimini Street in the third quarter worth $31,000. Occudo Quantitative Strategies LP increased its holdings in Rimini Street by 32.5% in the 2nd quarter. Occudo Quantitative Strategies LP now owns 32,596 shares of the company’s stock valued at $123,000 after purchasing an additional 7,998 shares in the last quarter. Jane Street Group LLC grew its stake in shares of Rimini Street by 24.1% in the second quarter. Jane Street Group LLC now owns 41,182 shares of the company’s stock valued at $155,000 after buying an additional 8,003 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Rimini Street during the fourth quarter valued at approximately $43,000. Hedge funds and other institutional investors own 73.75% of the company’s stock.

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.