Rimini Street (NASDAQ:RMNI) Stock Price Crosses Below Fifty Day Moving Average - Here's Why

Shares of Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) crossed 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 changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Zacks Research raised Rimini Street from a "strong sell" rating to a "hold" rating in a report on Monday, July 6th. Weiss Ratings lowered shares of Rimini Street from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, July 7th. Wall Street Zen upgraded shares of Rimini Street from a "hold" rating to a "buy" rating in a report on Saturday, August 1st. Roth Capital reissued a "buy" rating and issued a $6.50 price objective on shares of Rimini Street in a research report on Thursday, July 30th. Finally, Craig Hallum reissued a "buy" rating and set a $8.00 price objective on shares of Rimini Street in a research note on Friday, July 31st. Three investment 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 presently has a consensus rating of "Moderate Buy" and an average target price of $6.33.

Rimini Street Price Performance

The company's 50-day moving average is $4.84 and its 200-day moving average is $4.15. The firm has a market capitalization of $405.18 million, a price-to-earnings ratio of 54.19 and a beta of 1.24.

Insiders Place Their Bets

In other Rimini Street news, CEO Seth Ravin sold 89,639 shares of the business's stock in a transaction on Friday, September 4th. The shares were sold at an average price of $5.02, for a total value of $449,987.78. Following the transaction, the chief executive officer owned 10,168,602 shares in the company, valued at $51,046,382.04. The trade was a 0.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders have sold 322,707 shares of company stock worth $1,656,453. 42.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rimini Street

Hedge funds have recently bought and sold shares of the business. Conifer Management L.L.C. acquired a new position in Rimini Street in the second quarter worth about $25,190,228. BlackRock Inc. acquired a new position in shares of Rimini Street in the 2nd quarter valued at about $15,729,000. Manatuck Hill Partners LLC boosted its holdings in shares of Rimini Street by 5.7% during the fourth quarter. Manatuck Hill Partners LLC now owns 639,115 shares of the company's stock worth $2,480,000 after purchasing an additional 34,475 shares during the period. Immersion Corp purchased a new position in Rimini Street during the fourth quarter valued at approximately $2,043,000. Finally, Dimensional Fund Advisors LP increased its stake in Rimini Street by 77.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 373,019 shares of the company's stock valued at $1,222,000 after buying an additional 162,293 shares during the period. Institutional investors and hedge funds own 73.75% of the company's stock.

Rimini Street Company Profile

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.