Rimini Street (NASDAQ:RMNI) Shares Down 3.6% - Here's Why

Shares of Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) dropped 3.6% during mid-day trading on Monday . The stock traded as low as $4.89 and last traded at $5.05. Approximately 598,150 shares were traded during trading, an increase of 90% from the average daily 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 objective on Rimini Street and gave the stock a "buy" rating in a report on Thursday, July 10th.

Rimini Street Stock Down 3.2%

The firm has a fifty day simple moving average of $3.65 and a 200-day simple moving average of $3.39. The company has a market cap of $448.85 million, a PE ratio of -13.22 and a beta of 1.31.

Insider Buying and Selling

In related news, CFO Michael L. Perica sold 28,319 shares of the firm's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $3.28, for a total transaction of $92,886.32. Following the transaction, the chief financial officer owned 237,361 shares of the company's stock, valued at $778,544.08. This trade represents a 10.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Seth A. Ravin sold 61,292 shares of the firm's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $3.28, for a total value of $201,037.76. Following the transaction, the chief executive officer directly owned 652,696 shares in the company, valued at approximately $2,140,842.88. This represents a 8.58% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 128,325 shares of company stock valued at $425,651 over the last quarter. 41.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rimini Street

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Mackenzie Financial Corp lifted its position in Rimini Street by 432.4% in the fourth quarter. Mackenzie Financial Corp now owns 152,660 shares of the company's stock valued at $408,000 after purchasing an additional 123,984 shares during the period. Millennium Management LLC acquired a new stake in Rimini Street in the fourth quarter valued at about $799,000. Price T Rowe Associates Inc. MD lifted its position in Rimini Street by 6.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 73,906 shares of the company's stock valued at $198,000 after purchasing an additional 4,477 shares during the period. Renaissance Technologies LLC lifted its position in Rimini Street by 24.5% in the fourth quarter. Renaissance Technologies LLC now owns 198,326 shares of the company's stock valued at $530,000 after purchasing an additional 39,000 shares during the period. Finally, Two Sigma Advisers LP lifted its position in Rimini Street by 64.5% in the fourth quarter. Two Sigma Advisers LP now owns 63,500 shares of the company's stock valued at $170,000 after purchasing an additional 24,900 shares during the period. Hedge funds and other institutional investors own 73.75% of the company's stock.

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.