Millrace Asset Group Inc. Decreases Stake in Rimini Street, Inc. (NASDAQ:RMNI)

Millrace Asset Group Inc. reduced its stake in Rimini Street, Inc. (NASDAQ:RMNI) by 56.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 200,295 shares of the company’s stock after selling 260,908 shares during the period. Millrace Asset Group Inc.’s holdings in Rimini Street were worth $1,234,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the business. BlackRock Inc. increased its stake in Rimini Street by 79.6% in the 2nd quarter. BlackRock Inc. now owns 2,366,478 shares of the company’s stock worth $14,578,000 after purchasing an additional 1,048,604 shares during the period. Cannell Capital LLC grew its position in shares of Rimini Street by 12.1% in the 1st quarter. Cannell Capital LLC now owns 1,444,036 shares of the company’s stock worth $12,953,000 after buying an additional 156,411 shares during the last quarter. Pacific Ridge Capital Partners LLC grew its position in shares of Rimini Street by 40.6% in the 1st quarter. Pacific Ridge Capital Partners LLC now owns 1,175,299 shares of the company’s stock worth $10,542,000 after buying an additional 339,258 shares during the last quarter. Avalon Investment & Advisory grew its position in shares of Rimini Street by 163.6% in the 2nd quarter. Avalon Investment & Advisory now owns 1,074,340 shares of the company’s stock worth $6,618,000 after buying an additional 666,812 shares during the last quarter. Finally, G2 Investment Partners Management LLC bought a new stake in shares of Rimini Street in the 1st quarter worth approximately $8,826,000. 58.91% of the stock is currently owned by institutional investors and hedge funds.

In related news, President Sebastian Grady sold 5,764 shares of the company’s stock in a transaction on Wednesday, August 4th. The stock was sold at an average price of $8.31, for a total transaction of $47,898.84. Following the completion of the sale, the president now owns 107,854 shares in the company, valued at $896,266.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Gpiac, Llc sold 541,547 shares of the company’s stock in a transaction on Friday, September 10th. The shares were sold at an average price of $9.75, for a total value of $5,280,083.25. Following the sale, the insider now owns 7,292,828 shares of the company’s stock, valued at approximately $71,105,073. The disclosure for this sale can be found here. Insiders sold 2,190,736 shares of company stock valued at $20,926,449 in the last 90 days. Company insiders own 48.40% of the company’s stock.

NASDAQ:RMNI traded up $0.28 during trading hours on Tuesday, reaching $9.43. 11,129 shares of the company traded hands, compared to its average volume of 473,603. The business’s 50-day moving average price is $8.78 and its two-hundred day moving average price is $7.94. The stock has a market capitalization of $808.75 million, a P/E ratio of -32.68, a P/E/G ratio of 2.73 and a beta of 0.64. Rimini Street, Inc. has a 1 year low of $3.04 and a 1 year high of $10.72.

Rimini Street (NASDAQ:RMNI) last posted its quarterly earnings results on Wednesday, August 4th. The company reported ($0.07) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.15). Rimini Street had a negative return on equity of 5.82% and a negative net margin of 4.14%. The business had revenue of $91.61 million during the quarter, compared to analysts’ expectations of $89.77 million. As a group, analysts anticipate that Rimini Street, Inc. will post 0.35 EPS for the current fiscal year.

A number of brokerages have recently weighed in on RMNI. Zacks Investment Research upgraded Rimini Street from a “sell” rating to a “hold” rating in a research report on Saturday, August 21st. Cowen restated a “buy” rating and set a $13.50 price target on shares of Rimini Street in a research report on Friday, July 9th. Finally, Alliance Global Partners dropped their price target on Rimini Street from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, August 5th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $11.10.

Rimini Street Profile

Rimini Street, Inc engages in the provision of enterprise software support products and services. It offers global tax, legal, and regulatory update, security support, proactive support, advanced technology, license advisory and onboarding and archiving services. The company was founded by Seth A. Ravin and Thomas C.

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Institutional Ownership by Quarter for Rimini Street (NASDAQ:RMNI)

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