Rimini Street (NASDAQ:RMNI) Stock Price Crosses Below 50-Day Moving Average - Here's What Happened

Key Points

• Rimini Street shares fell below their 50-day moving average, trading as low as $4.35 and last changing hands at $4.38 versus a 50-day average of $4.86.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $6.50, compared with the current share price.
• CEO Seth Ravin sold 191,702 shares for approximately $993,000, while institutional ownership stands at a substantial 73.75% after notable new investments from Conifer Management and BlackRock.

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) passed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $4.86 and traded as low as $4.35. Rimini Street shares last traded at $4.38, with a volume of 652,897 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on RMNI shares. Roth Capital reiterated a "buy" rating and set a $6.50 price objective on shares of Rimini Street in a research report on Thursday, July 30th. Craig Hallum restated a "buy" rating and issued a $8.00 target price on shares of Rimini Street in a report on Friday, July 31st. Weiss Ratings cut shares of Rimini Street from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, July 7th. Zacks Research upgraded shares of Rimini Street from a "strong sell" rating to a "hold" rating in a report on Monday, July 6th. Finally, TD Cowen boosted their price objective on shares of Rimini Street from $4.50 to $5.00 and gave the company a "hold" rating in a research report on Tuesday, July 28th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $6.50.

Rimini Street Price Performance

The company has a market capitalization of $408.92 million, a P/E ratio of 54.76 and a beta of 1.24. The company has a fifty day moving average price of $4.86 and a 200 day moving average price of $4.14.

Insider Transactions at Rimini Street

In other Rimini Street news, CEO Seth Ravin sold 191,702 shares of Rimini Street stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $5.18, for a total transaction of $993,016.36. Following the sale, the chief executive officer owned 10,299,607 shares of the company's stock, valued at $53,351,964.26. The trade was a 1.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders sold 322,707 shares of company stock valued at $1,656,453. Corporate insiders own 42.00% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Conifer Management L.L.C. bought a new position in Rimini Street during the second quarter valued at about $25,190,228. BlackRock Inc. purchased a new position in shares of Rimini Street during the 2nd quarter valued at $15,729,000. Manatuck Hill Partners LLC grew its holdings in shares of Rimini Street by 5.7% during the 4th quarter. Manatuck Hill Partners LLC now owns 639,115 shares of the company's stock valued at $2,480,000 after acquiring an additional 34,475 shares in the last quarter. Immersion Corp acquired a new position in shares of Rimini Street in the fourth quarter worth $2,043,000. Finally, Diamond Hill Capital Management Inc. increased its stake in shares of Rimini Street by 8.1% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 316,013 shares of the company's stock worth $1,226,000 after acquiring an additional 23,700 shares during the last quarter. 73.75% of the stock is currently owned by institutional investors.

About Rimini Street

Rimini Street, Inc is a global provider of enterprise software products and services. The company is best known for third-party support for enterprise applications, including Oracle and SAP software, and helps organizations maintain, optimize and extend the useful life of their existing technology systems.

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

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