Rimini Street (NASDAQ:RMNI) Hits New 52-Week High - Time to Buy?

Key Points

• Rimini Street shares hit a new 52-week high of $5.38 and last traded near $5.37, up from a prior close of $5.15.
• Analyst sentiment is cautiously positive: three analysts rate the stock Buy and three Hold, resulting in a “Moderate Buy” consensus and a $6.50 average price target.
• Institutional investors own 73.75% of the company, while Rimini Street trades at a price-to-earnings ratio of 66.95 and above its 50-day and 200-day moving averages.

Shares of Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) reached a new 52-week high during trading on Thursday . The company traded as high as $5.38 and last traded at $5.3650, with a volume of 273851 shares traded. The stock had previously closed at $5.15.

Analyst Ratings Changes

RMNI has been the topic of a number of research reports. Roth Capital reissued a "buy" rating and issued a $6.50 price objective on shares of Rimini Street in a research note on Thursday, July 30th. Wall Street Zen raised Rimini Street from a "hold" rating to a "buy" rating in a report on Saturday, August 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. Alliance Global Partners reissued a "buy" rating on shares of Rimini Street in a report on Friday, May 1st. Finally, Zacks Research upgraded shares of Rimini Street from a "strong sell" rating to a "hold" rating in a research report on Monday, July 6th. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Rimini Street currently has a consensus rating of "Moderate Buy" and a consensus target price of $6.50.

Rimini Street Stock Performance

The firm's 50 day simple moving average is $4.69 and its 200-day simple moving average is $3.95. The company has a market capitalization of $499.94 million, a price-to-earnings ratio of 66.95 and a beta of 1.23.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets grew its stake in shares of Rimini Street by 96.8% during the third quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company's stock valued at $47,000 after purchasing an additional 4,891 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Rimini Street by 37.2% during the 4th quarter. Invesco Ltd. now owns 22,105 shares of the company's stock worth $86,000 after purchasing an additional 5,998 shares in the last quarter. Bank of America Corp DE raised its position in shares of Rimini Street by 15.3% in the 1st quarter. Bank of America Corp DE now owns 45,537 shares of the company's stock valued at $149,000 after buying an additional 6,055 shares in the last quarter. Quarry LP bought a new stake in Rimini Street during the third quarter worth $31,000. Finally, Barclays PLC boosted its position in shares of Rimini Street by 10.6% during the 4th quarter. Barclays PLC now owns 75,893 shares of the company's stock valued at $294,000 after purchasing an additional 7,271 shares in the last quarter. 73.75% of the stock is owned by institutional investors.

Rimini Street Company 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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