Short Interest in Rimini Street, Inc. (NASDAQ:RMNI) Expands By 37.4%

Key Points

• Rimini Street, Inc. experienced a significant rise in short interest, increasing by 37.4% in August, with the total reaching 921,800 shares.
• Wall Street analysts have assigned an average rating of "Buy" for Rimini Street, with a price target of $6.25, though some analysts have downgraded their ratings.
• Insider selling was notable, with two executives selling a combined total of 124,593 shares recently, indicating a decrease in their positions.

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totaling 921,800 shares, an increase of 37.4% from the August 15th total of 671,000 shares. Based on an average daily volume of 401,700 shares, the days-to-cover ratio is currently 2.3 days. Currently, 1.9% of the shares of the company are short sold. Currently, 1.9% of the shares of the company are short sold. Based on an average daily volume of 401,700 shares, the days-to-cover ratio is currently 2.3 days.

Insider Buying and Selling at Rimini Street

In other Rimini Street news, CFO Michael L. Perica sold 100,249 shares of the company's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $4.20, for a total transaction of $421,045.80. Following the completion of the transaction, the chief financial officer owned 146,032 shares in the company, valued at approximately $613,334.40. This represents a 40.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nancy Lyskawa sold 24,344 shares of the company's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $4.00, for a total transaction of $97,376.00. Following the transaction, the executive vice president owned 160,609 shares of the company's stock, valued at approximately $642,436. The trade was a 13.16% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 226,554 shares of company stock valued at $946,418. 41.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Rimini Street

Several institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP bought a new stake in shares of Rimini Street in the 2nd quarter valued at approximately $1,134,000. Millennium Management LLC bought a new stake in Rimini Street during the fourth quarter worth approximately $799,000. Samjo Management LLC boosted its position in Rimini Street by 142.5% during the second quarter. Samjo Management LLC now owns 485,000 shares of the company's stock worth $1,828,000 after purchasing an additional 285,000 shares during the period. Boston Partners bought a new stake in Rimini Street during the first quarter worth approximately $883,000. Finally, Voss Capital LP bought a new stake in Rimini Street during the second quarter worth approximately $942,000. Institutional investors and hedge funds own 73.75% of the company's stock.

Rimini Street Price Performance

Shares of NASDAQ:RMNI traded down $0.14 during midday trading on Friday, reaching $4.59. The company had a trading volume of 465,769 shares, compared to its average volume of 264,592. The stock's fifty day moving average price is $4.42 and its 200-day moving average price is $3.83. The stock has a market capitalization of $424.67 million, a P/E ratio of -114.72 and a beta of 1.46. Rimini Street has a one year low of $1.53 and a one year high of $5.38.

Analyst Ratings Changes

A number of equities analysts have commented on RMNI shares. Roth Capital set a $6.50 price objective on shares of Rimini Street and gave the stock a "buy" rating in a research report on Thursday, July 10th. Wall Street Zen downgraded shares of Rimini Street from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 2nd. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $6.25.

About Rimini Street

Rimini Street, Inc provides enterprise software products, services, and support. The company engages in the provision of support services for Oracle and SAP enterprise software products. It also provides Rimini ONE, an outsourcing option that offers a set of unified and integrated services to run, manage, support, customize, configure, connect, protect, monitor, and optimize its clients' application, database, and technology enterprise software; Rimini Support, a mission-critical support for Oracle, SAP, proprietary and open-source database, and technology software; Rimini Manage, a suite of managed services for application and database software; Rimini Protect, a suite of personalized software security services and solutions; and Rimini Connect, a suite of managed interoperability solutions for browsers, operating systems, and email systems.