Short Interest in Rimini Street, Inc. (NASDAQ:RMNI) Decreases By 13.2%

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) was the recipient of a significant decrease in short interest in 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 short-interest ratio is presently 2.2 days. Currently, 1.7% of the shares of the company are short sold.

Institutional Investors Weigh In On Rimini Street

A number of hedge funds and other institutional investors have recently modified their holdings of RMNI. Pacific Ridge Capital Partners LLC increased its position in Rimini Street by 33.8% during the fourth quarter. Pacific Ridge Capital Partners LLC now owns 1,545,671 shares of the company's stock worth $4,127,000 after acquiring an additional 390,131 shares during the period. Brooktree Capital Management increased its holdings in shares of Rimini Street by 10.3% during the fourth quarter. Brooktree Capital Management now owns 3,871,041 shares of the company's stock worth $10,336,000 after purchasing an additional 361,380 shares during the period. Millennium Management LLC bought a new position in shares of Rimini Street during the fourth quarter worth approximately $799,000. Formula Growth Ltd. acquired a new stake in shares of Rimini Street in the fourth quarter valued at approximately $587,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of 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 valued at $1,783,000 after buying an additional 149,659 shares during the period. Institutional investors and hedge funds own 73.75% of the company's stock.

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Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Alliance Global Partners raised Rimini Street from a "neutral" rating to a "buy" rating in a report on Friday, February 28th. Craig Hallum upgraded shares of Rimini Street from a "hold" rating to a "buy" rating and upped their price objective for the company from $2.00 to $6.00 in a report on Tuesday, December 17th.

Rimini Street Trading Down 2.5 %

RMNI stock traded down $0.10 during mid-day trading on Friday, hitting $3.89. 719,840 shares of the company were exchanged, compared to its average volume of 283,121. Rimini Street has a 1-year low of $1.53 and a 1-year high of $4.15. The stock has a market capitalization of $355.14 million, a PE ratio of -10.51 and a beta of 1.29. The business has a 50 day simple moving average of $3.26 and a 200-day simple moving average of $2.49.

Rimini Street (NASDAQ:RMNI - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.01). Rimini Street had a negative return on equity of 83.26% and a negative net margin of 7.87%. The firm had revenue of $114.21 million for the quarter, compared to analyst estimates of $102.57 million. Equities research analysts expect that Rimini Street will post 0.37 earnings per share for the current year.

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.