Voss Capital LP Lowers Stock Holdings in Rimini Street, Inc. $RMNI

Voss Capital LP reduced its position in shares of Rimini Street, Inc. (NASDAQ:RMNI) by 72.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 70,000 shares of the company’s stock after selling 180,000 shares during the period. Voss Capital LP’s holdings in Rimini Street were worth $272,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Wells Fargo & Company MN boosted its holdings in Rimini Street by 47.7% in the fourth quarter. Wells Fargo & Company MN now owns 56,643 shares of the company’s stock valued at $220,000 after purchasing an additional 18,303 shares during the period. Jane Street Group LLC boosted its holdings in Rimini Street by 19.6% in the fourth quarter. Jane Street Group LLC now owns 174,756 shares of the company’s stock valued at $678,000 after purchasing an additional 28,667 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Rimini Street by 362.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 210,726 shares of the company’s stock valued at $818,000 after purchasing an additional 165,155 shares during the period. Deutsche Bank AG boosted its holdings in Rimini Street by 85.3% in the fourth quarter. Deutsche Bank AG now owns 38,301 shares of the company’s stock valued at $149,000 after purchasing an additional 17,635 shares during the period. Finally, Potomac Capital Management Inc. purchased a new position in Rimini Street in the fourth quarter valued at $326,000. 73.75% of the stock is currently owned by hedge funds and other institutional investors.

Rimini Street Price Performance

Rimini Street stock opened at $4.16 on Friday. Rimini Street, Inc. has a 1-year low of $2.87 and a 1-year high of $5.38. The stock has a market cap of $385.05 million, a PE ratio of 11.24 and a beta of 1.30. The stock’s fifty day moving average is $3.70 and its two-hundred day moving average is $3.65.

Rimini Street (NASDAQ:RMNI) last posted its quarterly earnings results on Thursday, April 30th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.07). Rimini Street had a net margin of 8.30% and a negative return on equity of 24.30%. The business had revenue of $105.47 million during the quarter, compared to analyst estimates of $102.71 million. On average, research analysts expect that Rimini Street, Inc. will post 0.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Seth A. Ravin sold 57,097 shares of Rimini Street stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $3.94, for a total transaction of $224,962.18. Following the sale, the chief executive officer owned 882,900 shares in the company, valued at approximately $3,478,626. The trade was a 6.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Michael L. Perica sold 27,737 shares of Rimini Street stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $3.94, for a total value of $109,283.78. Following the sale, the chief financial officer owned 157,863 shares in the company, valued at $621,980.22. This trade represents a 14.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 181,929 shares of company stock valued at $718,133 over the last 90 days. 41.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

RMNI has been the subject of a number of recent research reports. Zacks Research lowered Rimini Street from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. TD Cowen lifted their target price on Rimini Street from $4.00 to $4.50 and gave the company a “hold” rating in a report on Monday, May 4th. Weiss Ratings reiterated a “hold (c)” rating on shares of Rimini Street in a report on Friday, March 27th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Rimini Street in a report on Friday, May 1st. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Rimini Street presently has a consensus rating of “Hold” and a consensus price target of $5.50.

Rimini Street Company Profile

Rimini Street, Inc (NASDAQ: RMNI) is a provider of enterprise software support services, specializing in third-party maintenance for mission-critical applications from leading technology vendors. The company offers comprehensive support for ERP, CRM and database environments, with coverage for systems from providers such as Oracle and SAP. Through its proactive system monitoring, performance tuning, regulatory and tax update services, Rimini Street aims to extend the lifecycle of enterprise applications while delivering service levels comparable to or exceeding those of original software vendors.

Founded in 2005 by technology entrepreneur Seth Ravin, Rimini Street has grown from a startup into a publicly traded company following its initial public offering in March 2018.