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

Rimini Street, Inc. (NASDAQ:RMNI) was the target of a significant decrease in short interest in November. As of November 15th, there was short interest totalling 1,710,000 shares, a decrease of 18.2% from the October 31st total of 2,090,000 shares. Based on an average daily volume of 261,500 shares, the days-to-cover ratio is currently 6.5 days. Currently, 3.6% of the company’s stock are short sold.

Institutional Trading of Rimini Street

Several hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC acquired a new stake in Rimini Street in the third quarter valued at approximately $58,000. Barclays PLC raised its holdings in Rimini Street by 281.6% in the third quarter. Barclays PLC now owns 70,291 shares of the company’s stock valued at $130,000 after acquiring an additional 51,870 shares in the last quarter. State Street Corp raised its holdings in Rimini Street by 0.8% in the third quarter. State Street Corp now owns 1,020,639 shares of the company’s stock valued at $1,888,000 after acquiring an additional 8,377 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in Rimini Street in the third quarter valued at approximately $210,000. Finally, Ruane Cunniff & Goldfarb L.P. raised its holdings in Rimini Street by 34.3% in the third quarter. Ruane Cunniff & Goldfarb L.P. now owns 38,090 shares of the company’s stock valued at $70,000 after acquiring an additional 9,719 shares in the last quarter. Institutional investors and hedge funds own 73.75% of the company’s stock.

Rimini Street Stock Performance

Shares of RMNI opened at $2.16 on Monday. The stock has a market capitalization of $196.39 million, a PE ratio of -5.84 and a beta of 1.29. Rimini Street has a 1 year low of $1.53 and a 1 year high of $3.43. The company’s 50-day simple moving average is $1.88 and its 200-day simple moving average is $2.23.

Rimini Street (NASDAQ:RMNI) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.15. The business had revenue of $104.67 million for the quarter, compared to analysts’ expectations of $99.39 million. Rimini Street had a negative net margin of 7.87% and a negative return on equity of 83.26%. On average, sell-side analysts predict that Rimini Street will post 0.37 earnings per share 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.