Rimini Street (NASDAQ:RMNI) Stock Price Up 4.1% - Should You Buy?

Key Points

• Rimini Street shares rose 4.1% to $5.59 in mid-day trading, although volume was 67% below the stock’s average daily volume.
• Analyst sentiment is moderately positive: three analysts rate the stock a Buy and three rate it a Hold, producing a consensus “Moderate Buy” rating and a $6.50 price target.
• Institutional investors own 73.75% of Rimini Street’s shares, while the stock trades at a market capitalization of approximately $514 million and a price-to-earnings ratio of 68.88.

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report)'s stock price was up 4.1% during mid-day trading on Friday . The company traded as high as $5.62 and last traded at $5.59. 131,662 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 396,634 shares. The stock had previously closed at $5.37.

Analyst Ratings Changes

Several brokerages recently commented on RMNI. Roth Capital reissued a "buy" rating and set a $6.50 price target on shares of Rimini Street in a research report on Thursday, July 30th. Zacks Research raised Rimini Street from a "strong sell" rating to a "hold" rating in a research note on Monday, July 6th. 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. Wall Street Zen upgraded shares of Rimini Street from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Rimini Street in a report on Friday, May 1st. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $6.50.

Rimini Street Stock Up 2.6%

The firm has a 50 day moving average of $4.72 and a two-hundred day moving average of $3.97. The firm has a market capitalization of $514.41 million, a price-to-earnings ratio of 68.88 and a beta of 1.23.

Institutional Trading of Rimini Street

Institutional investors have recently added to or reduced their stakes in the business. Quarry LP purchased a new position in shares of Rimini Street in the 3rd quarter worth about $31,000. BNP Paribas Financial Markets lifted its position in shares of Rimini Street by 96.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company's stock valued at $47,000 after buying an additional 4,891 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Rimini Street during the 2nd quarter valued at approximately $49,000. nVerses Capital LLC purchased a new stake in Rimini Street in the 4th quarter worth approximately $57,000. Finally, NewEdge Advisors LLC bought a new stake in Rimini Street during the 1st quarter worth approximately $66,000. 73.75% of the stock is currently owned by hedge funds and other 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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