Rimini Street, Inc. (NASDAQ:RMNI) Short Interest Down 28.0% in December

Rimini Street, Inc. (NASDAQ:RMNI) was the target of a significant decline in short interest during the month of December. As of December 31st, there was short interest totalling 950,800 shares, a decline of 28.0% from the December 15th total of 1,320,000 shares. Based on an average daily trading volume, of 367,800 shares, the short-interest ratio is presently 2.6 days. Approximately 2.0% of the company’s stock are sold short.

Rimini Street Stock Down 0.4 %

RMNI traded down $0.01 during mid-day trading on Friday, reaching $2.82. 210,568 shares of the company traded hands, compared to its average volume of 298,870. The stock has a market capitalization of $256.39 million, a P/E ratio of -7.62 and a beta of 1.28. Rimini Street has a 52-week low of $1.53 and a 52-week high of $3.43. The company’s fifty day moving average price is $2.36 and its 200-day moving average price is $2.18.

Rimini Street (NASDAQ:RMNI) last posted its earnings results on Wednesday, October 30th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.15. The company had revenue of $104.67 million for the quarter, compared to the consensus estimate of $99.39 million. Rimini Street had a negative return on equity of 83.26% and a negative net margin of 7.87%. As a group, sell-side analysts forecast that Rimini Street will post 0.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rimini Street news, CEO Seth A. Ravin sold 14,375 shares of Rimini Street stock in a transaction on Friday, December 13th. The stock was sold at an average price of $2.20, for a total value of $31,625.00. Following the completion of the sale, the chief executive officer now owns 444,914 shares of the company’s stock, valued at approximately $978,810.80. This trade represents a 3.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 41.00% of the company’s stock.

Hedge Funds Weigh In On Rimini Street

A number of institutional investors have recently bought and sold shares of RMNI. SG Americas Securities LLC increased its position in Rimini Street by 60.7% in the third quarter. SG Americas Securities LLC now owns 18,289 shares of the company’s stock worth $34,000 after buying an additional 6,905 shares in the last quarter. Virtu Financial LLC purchased a new stake in Rimini Street in the 3rd quarter worth approximately $58,000. Ruane Cunniff & Goldfarb L.P. raised its stake in Rimini Street by 34.3% during the 3rd quarter. Ruane Cunniff & Goldfarb L.P. now owns 38,090 shares of the company’s stock worth $70,000 after acquiring an additional 9,719 shares during the period. Gladius Capital Management LP lifted its holdings in Rimini Street by 201.2% during the third quarter. Gladius Capital Management LP now owns 56,018 shares of the company’s stock valued at $104,000 after purchasing an additional 37,418 shares in the last quarter. Finally, Barclays PLC boosted its position in shares of Rimini Street by 281.6% in the third quarter. Barclays PLC now owns 70,291 shares of the company’s stock worth $130,000 after purchasing an additional 51,870 shares during the period. 73.75% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Craig Hallum raised Rimini Street from a “hold” rating to a “buy” rating and increased their price objective for the company from $2.00 to $6.00 in a research report on Tuesday, December 17th.

About Rimini Street

Rimini Street, Inc provides enterprise software products, services, and support. The company engages in the provision of support services for Oracle and SAP enterprise software products. It also provides Rimini ONE, an outsourcing option that offers a set of unified and integrated services to run, manage, support, customize, configure, connect, protect, monitor, and optimize its clients’ application, database, and technology enterprise software; Rimini Support, a mission-critical support for Oracle, SAP, proprietary and open-source database, and technology software; Rimini Manage, a suite of managed services for application and database software; Rimini Protect, a suite of personalized software security services and solutions; and Rimini Connect, a suite of managed interoperability solutions for browsers, operating systems, and email systems.