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

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

Rimini Street Price Performance

RMNI stock opened at $4.02 on Thursday. The company has a 50 day moving average of $3.21 and a two-hundred day moving average of $2.45. Rimini Street has a 12-month low of $1.53 and a 12-month high of $4.15. The company has a market cap of $367.01 million, a price-to-earnings ratio of -10.86 and a beta of 1.29.

Rimini Street (NASDAQ:RMNI) last announced its quarterly earnings data on Thursday, February 27th. The company reported $0.09 earnings per share (EPS) 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 analysts’ expectations of $102.57 million. On average, research analysts anticipate that Rimini Street will post 0.37 EPS for the current year.

Institutional Investors Weigh In On Rimini Street

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

Analyst Ratings Changes

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

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.