Bard Associates Inc. Invests $1.09 Million in Rimini Street, Inc. $RMNI

Key Points

• Bard Associates initiated a $1.09 million position in Rimini Street, purchasing 256,770 shares, or approximately 0.28% of the company. Institutional investors and hedge funds collectively own 73.75% of RMNI.
• Analyst sentiment remains mixed but centers on a “Hold” consensus, with one Buy and three Hold ratings and an average price target of $5.00. Recent changes included upgrades from Wall Street Zen and Zacks Research, while TD Cowen maintained a Hold rating.
• Rimini Street shares opened at $5.25, up 2.9%, near their 12-month high of $5.27. The stock’s market capitalization is approximately $490 million, with 50-day and 200-day moving averages of $4.63 and $3.91, respectively.

Bard Associates Inc. bought a new position in shares of Rimini Street, Inc. (NASDAQ:RMNI - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 256,770 shares of the company's stock, valued at approximately $1,094,000. Bard Associates Inc. owned about 0.28% of Rimini Street at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of RMNI. Cubist Systematic Strategies LLC bought a new position in shares of Rimini Street during the first quarter worth $134,000. AQR Capital Management LLC raised its holdings in Rimini Street by 243.9% during the 1st quarter. AQR Capital Management LLC now owns 36,360 shares of the company's stock worth $127,000 after buying an additional 25,788 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in Rimini Street in the first quarter valued at approximately $271,000. NewEdge Advisors LLC bought a new position in Rimini Street in the first quarter valued at approximately $66,000. Finally, Jane Street Group LLC lifted its stake in Rimini Street by 120.2% in the first quarter. Jane Street Group LLC now owns 33,179 shares of the company's stock valued at $115,000 after buying an additional 18,112 shares in the last quarter. 73.75% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on the company. TD Cowen lifted their price target on Rimini Street from $4.50 to $5.00 and gave the company a "hold" rating in a research note on Tuesday, July 28th. Wall Street Zen upgraded Rimini Street from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Alliance Global Partners reaffirmed a "buy" rating on shares of Rimini Street in a research report on Friday, May 1st. Weiss Ratings cut shares of Rimini Street from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, July 7th. Finally, Zacks Research upgraded shares of Rimini Street from a "strong sell" rating to a "hold" rating in a research note on Monday, July 6th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Rimini Street presently has a consensus rating of "Hold" and a consensus target price of $5.00.

Rimini Street Stock Up 2.9%

Shares of RMNI stock opened at $5.25 on Friday. The stock's fifty day simple moving average is $4.63 and its 200 day simple moving average is $3.91. Rimini Street, Inc. has a twelve month low of $2.87 and a twelve month high of $5.27. The firm has a market capitalization of $490.14 million, a P/E ratio of 65.63 and a beta of 1.23.

Rimini Street 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.

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