Short Interest in Rimini Street, Inc. (NASDAQ:RMNI) Declines By 13.2%

Rimini Street, Inc. (NASDAQ:RMNI) was the target of a large decline in short interest in the month of February. As of February 28th, there was short interest totalling 795,900 shares, a decline of 13.2% from the February 13th total of 917,400 shares. Based on an average daily volume of 367,400 shares, the days-to-cover ratio is presently 2.2 days. Approximately 1.7% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

RMNI has been the topic of several research analyst reports. Alliance Global Partners upgraded shares of Rimini Street from a “neutral” rating to a “buy” rating in a research report on Friday, February 28th. Craig Hallum raised Rimini Street from a “hold” rating to a “buy” rating and boosted their target price for the stock from $2.00 to $6.00 in a report on Tuesday, December 17th.

Institutional Investors Weigh In On Rimini Street

Large investors have recently made changes to their positions in the company. Janus Henderson Group PLC bought a new stake in Rimini Street during the third quarter valued at about $210,000. SG Americas Securities LLC boosted its stake in Rimini Street by 23.2% in the 4th quarter. SG Americas Securities LLC now owns 22,527 shares of the company’s stock worth $60,000 after purchasing an additional 4,238 shares during the period. Cerity Partners LLC grew its stake in Rimini Street by 80.2% during the third quarter. Cerity Partners LLC now owns 306,843 shares of the company’s stock valued at $568,000 after acquiring an additional 136,609 shares in the last quarter. State Street Corp grew its position in shares of Rimini Street by 0.8% during the third quarter. State Street Corp now owns 1,020,639 shares of the company’s stock valued at $1,888,000 after purchasing an additional 8,377 shares in the last quarter. Finally, Barclays PLC increased its stake in Rimini Street by 281.6% in the 3rd quarter. Barclays PLC now owns 70,291 shares of the company’s stock worth $130,000 after acquiring an additional 51,870 shares during the last quarter. 73.75% of the stock is currently owned by institutional investors.

Rimini Street Price Performance

RMNI stock opened at $3.99 on Friday. The stock has a market capitalization of $364.27 million, a P/E ratio of -10.78 and a beta of 1.29. Rimini Street has a 1-year low of $1.53 and a 1-year high of $4.15. The business has a fifty day moving average price of $3.24 and a 200-day moving average price of $2.46.

Rimini Street (NASDAQ:RMNI) last issued its quarterly earnings data on Thursday, February 27th. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.01). The company had revenue of $114.21 million for the quarter, compared to the consensus estimate of $102.57 million. Rimini Street had a negative net margin of 7.87% and a negative return on equity of 83.26%. As a group, analysts anticipate that Rimini Street will post 0.37 earnings per share for the current year.

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.