Rimini Street, Inc. (NASDAQ:RMNI) Short Interest Down 13.2% in February

Rimini Street, Inc. (NASDAQ:RMNI) was the target of a large decrease in short interest during the month of February. As of February 28th, there was short interest totalling 795,900 shares, a decrease of 13.2% from the February 13th total of 917,400 shares. Based on an average daily trading volume, of 367,400 shares, the days-to-cover ratio is currently 2.2 days. Approximately 1.7% of the shares of the stock are short sold.

Institutional Investors Weigh In On Rimini Street

A number of hedge funds have recently added to or reduced their stakes in RMNI. ProShare Advisors LLC increased its holdings in Rimini Street by 49.1% in the fourth quarter. ProShare Advisors LLC now owns 14,942 shares of the company’s stock worth $40,000 after purchasing an additional 4,918 shares in the last quarter. Squarepoint Ops LLC bought a new stake in shares of Rimini Street during the fourth quarter valued at approximately $40,000. Prudential Financial Inc. increased its holdings in shares of Rimini Street by 67.0% during the fourth quarter. Prudential Financial Inc. now owns 19,935 shares of the company’s stock valued at $53,000 after acquiring an additional 8,000 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Rimini Street during the third quarter valued at approximately $58,000. Finally, SG Americas Securities LLC increased its holdings in shares of Rimini Street by 23.2% during the fourth quarter. SG Americas Securities LLC now owns 22,527 shares of the company’s stock valued at $60,000 after acquiring an additional 4,238 shares in the last quarter. 73.75% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on RMNI. Craig Hallum upgraded Rimini Street from a “hold” rating to a “buy” rating and upped their price objective for the stock from $2.00 to $6.00 in a research report on Tuesday, December 17th. Alliance Global Partners raised Rimini Street from a “neutral” rating to a “buy” rating in a research note on Friday, February 28th.

Rimini Street Price Performance

Shares of Rimini Street stock traded up $0.02 during midday trading on Wednesday, reaching $4.04. The company had a trading volume of 22,606 shares, compared to its average volume of 280,090. The stock has a fifty day moving average price of $3.18 and a 200 day moving average price of $2.44. The firm has a market cap of $368.38 million, a PE ratio of -10.91 and a beta of 1.29. Rimini Street has a fifty-two week low of $1.53 and a fifty-two week high of $4.15.

Rimini Street (NASDAQ:RMNI) last issued its earnings results on Thursday, February 27th. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.01). The business had revenue of $114.21 million during the quarter, compared to the consensus estimate of $102.57 million. Rimini Street had a negative return on equity of 83.26% and a negative net margin of 7.87%. As a group, sell-side analysts forecast that Rimini Street will post 0.37 EPS for the current year.

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.