Rimini Street (NASDAQ:RMNI) Trading Down 3.6% - Here's What Happened

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report)'s share price traded down 3.6% on Monday . The stock traded as low as $4.89 and last traded at $5.05. 598,150 shares traded hands during trading, an increase of 90% from the average session volume of 314,473 shares. The stock had previously closed at $5.24.

Analyst Upgrades and Downgrades

Separately, Roth Capital set a $6.50 price target on shares of Rimini Street and gave the stock a "buy" rating in a research note on Thursday, July 10th.

Rimini Street Price Performance

The stock has a market cap of $463.54 million, a PE ratio of -13.65 and a beta of 1.31. The firm has a 50-day simple moving average of $3.52 and a 200-day simple moving average of $3.33.

Insider Buying and Selling

In other news, EVP Steven Hershkowitz sold 24,974 shares of the stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $3.47, for a total value of $86,659.78. Following the transaction, the executive vice president owned 75,025 shares of the company's stock, valued at $260,336.75. This represents a 24.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Seth A. Ravin sold 61,292 shares of the stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $3.28, for a total transaction of $201,037.76. Following the completion of the transaction, the chief executive officer directly owned 652,696 shares in the company, valued at $2,140,842.88. The trade was a 8.58% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 128,325 shares of company stock worth $425,651 over the last ninety days. 41.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rimini Street

A number of institutional investors have recently made changes to their positions in RMNI. Public Employees Retirement System of Ohio increased its holdings in shares of Rimini Street by 899.4% in the second quarter. Public Employees Retirement System of Ohio now owns 23,446 shares of the company's stock worth $88,000 after buying an additional 21,100 shares during the period. Strs Ohio purchased a new position in shares of Rimini Street in the first quarter valued at about $422,000. Acadian Asset Management LLC increased its position in shares of Rimini Street by 2.2% in the first quarter. Acadian Asset Management LLC now owns 2,272,975 shares of the company's stock valued at $7,906,000 after acquiring an additional 48,993 shares during the period. Jane Street Group LLC increased its position in shares of Rimini Street by 120.2% in the first quarter. Jane Street Group LLC now owns 33,179 shares of the company's stock valued at $115,000 after acquiring an additional 18,112 shares during the period. Finally, NewEdge Advisors LLC purchased a new stake in Rimini Street in the 1st quarter worth approximately $66,000. Institutional investors own 73.75% of the company's stock.

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.