Rimini Street, Inc. (NASDAQ:RMNI) Sees Large Growth in Short Interest

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) saw 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 short-interest ratio is presently 2.3 days. Currently, 1.9% of the company's shares are short sold. Currently, 1.9% of the company's shares are short sold. Based on an average daily volume of 401,700 shares, the short-interest ratio is presently 2.3 days.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Rimini Street

In related news, EVP Nancy Lyskawa sold 24,344 shares of the stock in a transaction on Thursday, August 7th. The shares were 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. This trade represents a 13.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michael L. Perica sold 100,249 shares of the 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 transaction, the chief financial officer directly owned 146,032 shares in the company, valued at approximately $613,334.40. This represents a 40.71% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 226,554 shares of company stock worth $946,418. 41.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RMNI. ProShare Advisors LLC lifted its position in Rimini Street by 49.1% during the 4th quarter. ProShare Advisors LLC now owns 14,942 shares of the company's stock valued at $40,000 after acquiring an additional 4,918 shares during the period. Ameriprise Financial Inc. lifted its position in Rimini Street by 7.9% during the 4th quarter. Ameriprise Financial Inc. now owns 82,772 shares of the company's stock valued at $221,000 after acquiring an additional 6,056 shares during the period. Bard Associates Inc. lifted its position in Rimini Street by 2.1% during the 1st quarter. Bard Associates Inc. now owns 292,648 shares of the company's stock valued at $1,018,000 after acquiring an additional 6,141 shares during the period. Occudo Quantitative Strategies LP lifted its position in Rimini Street by 32.5% during the 2nd quarter. Occudo Quantitative Strategies LP now owns 32,596 shares of the company's stock valued at $123,000 after acquiring an additional 7,998 shares during the period. Finally, Jane Street Group LLC lifted its position in Rimini Street by 24.1% during the 2nd quarter. Jane Street Group LLC now owns 41,182 shares of the company's stock valued at $155,000 after acquiring an additional 8,003 shares during the period. 73.75% of the stock is owned by hedge funds and other institutional investors.

Rimini Street Stock Down 2.5%

Shares of NASDAQ:RMNI traded down $0.12 on Tuesday, hitting $4.48. The company had a trading volume of 84,334 shares, compared to its average volume of 328,109. The firm's 50-day simple moving average is $4.43 and its two-hundred day simple moving average is $3.81. Rimini Street has a 1 year low of $1.53 and a 1 year high of $5.38. The firm has a market capitalization of $414.03 million, a price-to-earnings ratio of -112.10 and a beta of 1.47.

Rimini Street Company Profile

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.

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