Rimini Street, Inc. (NASDAQ:RMNI) Short Interest Update

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

Hedge Funds Weigh In On Rimini Street

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Mackenzie Financial Corp lifted its holdings in shares of Rimini Street by 432.4% during the fourth quarter. Mackenzie Financial Corp now owns 152,660 shares of the company’s stock valued at $408,000 after acquiring an additional 123,984 shares during the period. Squarepoint Ops LLC acquired a new stake in shares of Rimini Street during the 4th quarter worth about $40,000. Two Sigma Advisers LP lifted its holdings in Rimini Street by 64.5% during the 4th quarter. Two Sigma Advisers LP now owns 63,500 shares of the company’s stock valued at $170,000 after purchasing an additional 24,900 shares during the last quarter. Two Sigma Investments LP boosted its position in Rimini Street by 154.3% in the fourth quarter. Two Sigma Investments LP now owns 88,776 shares of the company’s stock valued at $237,000 after buying an additional 53,866 shares in the last quarter. Finally, ProShare Advisors LLC grew its stake in Rimini Street by 49.1% during the fourth quarter. ProShare Advisors LLC now owns 14,942 shares of the company’s stock worth $40,000 after buying an additional 4,918 shares during the last quarter. Institutional investors own 73.75% of the company’s stock.

Rimini Street Price Performance

Rimini Street stock opened at $4.02 on Thursday. The business has a 50 day moving average price of $3.21 and a two-hundred day moving average price of $2.45. Rimini Street has a 12 month low of $1.53 and a 12 month high of $4.15. The stock has a market cap of $367.01 million, a price-to-earnings ratio of -10.86 and a beta of 1.29.

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Alliance Global Partners upgraded shares of Rimini Street from a “neutral” rating to a “buy” rating in a report on Friday, February 28th. Craig Hallum raised Rimini Street from a “hold” rating to a “buy” rating and lifted their price target for the stock from $2.00 to $6.00 in a research report on Tuesday, December 17th.

Rimini Street Company Profile

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.