Rimini Street (NASDAQ:RMNI) Share Price Breaks Above 200 Day Moving Average - Time to Sell?

Key Points

• Rimini Street shares broke above their 200-day moving average, reaching $4.08 before closing near $4.04, compared with a 200-day average of $4.03.
• Analyst sentiment is cautiously positive: three analysts rate RMNI a Buy and three rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $6.33.
• Institutional ownership stands at 73.75%, with several funds establishing new positions, while insiders have sold 327,591 shares worth roughly $1.68 million over the past 90 days.

Shares of Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) passed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $4.03 and traded as high as $4.08. Rimini Street shares last traded at $4.04, with a volume of 195,811 shares.

Wall Street Analysts Forecast Growth

RMNI has been the topic of several recent analyst reports. Craig Hallum reiterated a "buy" rating and issued a $8.00 price target on shares of Rimini Street in a report on Friday, July 31st. Roth Capital restated a "buy" rating and issued a $6.50 price objective on shares of Rimini Street in a report on Thursday, July 30th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Rimini Street in a research report on Friday, October 2nd. Zacks Research raised shares of Rimini Street from a "strong sell" rating to a "hold" rating in a research report on Monday, July 6th. Finally, Wall Street Zen raised shares of Rimini Street from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $6.33.

Rimini Street Stock Performance

The stock has a market cap of $377.16 million, a P/E ratio of 50.51 and a beta of 1.31. The firm has a 50-day moving average price of $4.54 and a 200-day moving average price of $4.03.

Insiders Place Their Bets

In other Rimini Street news, CEO Seth Ravin sold 89,639 shares of the stock in a transaction on Friday, September 4th. The stock was sold at an average price of $5.02, for a total value of $449,987.78. Following the completion of the transaction, the chief executive officer owned 10,168,602 shares in the company, valued at approximately $51,046,382.04. This represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 327,591 shares of company stock valued at $1,677,747 over the last 90 days. 42.00% of the stock is owned by corporate insiders.

Institutional Trading of Rimini Street

Hedge funds have recently modified their holdings of the business. Conifer Management L.L.C. purchased a new stake in shares of Rimini Street in the 2nd quarter worth about $25,190,228. BlackRock Inc. purchased a new position in Rimini Street during the 2nd quarter valued at about $15,729,000. Bard Associates Inc. purchased a new position in Rimini Street during the 2nd quarter valued at about $1,094,000. Bank of New York Mellon Corp purchased a new position in Rimini Street during the 2nd quarter valued at about $975,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Rimini Street during the second quarter worth about $957,000. Institutional investors own 73.75% of the company's stock.

Rimini Street Company Profile

Rimini Street, Inc provides enterprise software support, products and services for organizations using business applications and database systems. The company is best known for third-party support for software from Oracle, SAP and other enterprise technology providers, helping customers maintain existing systems while reducing the need for frequent upgrades.

Its offerings include application management, database support, interoperability services, security services, managed services and professional services.

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