Rimini Street, Inc. (NASDAQ:RMNI) Sees Significant Decline in Short Interest

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) saw a large drop in short interest in May. As of May 15th, there was short interest totalling 684,600 shares, a drop of 15.3% from the April 30th total of 807,900 shares. Currently, 1.4% of the shares of the company are sold short. Based on an average daily volume of 295,200 shares, the days-to-cover ratio is presently 2.3 days.

Rimini Street Stock Performance

Shares of NASDAQ RMNI traded down $0.05 during midday trading on Thursday, reaching $3.18. 197,714 shares of the company traded hands, compared to its average volume of 287,943. Rimini Street has a 12 month low of $1.53 and a 12 month high of $4.15. The stock's 50-day simple moving average is $3.33 and its 200-day simple moving average is $3.05. The firm has a market cap of $291.88 million, a PE ratio of -8.59 and a beta of 1.33.

Insider Transactions at Rimini Street

In other news, EVP Steven Hershkowitz sold 24,974 shares of the firm's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $3.47, for a total transaction of $86,659.78. Following the completion of the transaction, the executive vice president now directly owns 75,025 shares of the company's stock, valued at approximately $260,336.75. This trade represents a 24.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael L. Perica sold 28,319 shares of Rimini Street stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $3.28, for a total transaction of $92,886.32. Following the sale, the chief financial officer now owns 237,361 shares in the company, valued at approximately $778,544.08. This trade represents a 10.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 128,472 shares of company stock valued at $426,180. 41.20% of the stock is owned by corporate insiders.

Institutional Trading of Rimini Street

Several large investors have recently added to or reduced their stakes in RMNI. Brooktree Capital Management boosted its holdings in shares of Rimini Street by 0.4% in the 1st quarter. Brooktree Capital Management now owns 3,886,453 shares of the company's stock worth $13,525,000 after acquiring an additional 15,412 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Rimini Street by 2.2% during the 1st quarter. Acadian Asset Management LLC now owns 2,272,975 shares of the company's stock valued at $7,906,000 after purchasing an additional 48,993 shares in the last quarter. Pacific Ridge Capital Partners LLC raised its position in Rimini Street by 3.5% in the 1st quarter. Pacific Ridge Capital Partners LLC now owns 1,599,149 shares of the company's stock valued at $5,565,000 after purchasing an additional 53,478 shares during the last quarter. Geode Capital Management LLC boosted its stake in Rimini Street by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 1,221,314 shares of the company's stock worth $3,261,000 after purchasing an additional 8,211 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in Rimini Street by 28.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 667,673 shares of the company's stock worth $1,783,000 after purchasing an additional 149,659 shares in the last quarter. 73.75% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Alliance Global Partners upgraded Rimini Street from a "neutral" rating to a "buy" rating in a research note on Friday, February 28th.

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.