Belvedere Trading LLC Takes Position in Rimini Street, Inc. $RMNI

Belvedere Trading LLC purchased a new stake in Rimini Street, Inc. (NASDAQ:RMNI) during the second quarter, HoldingsChannel reports. The institutional investor purchased 16,849 shares of the company’s stock, valued at approximately $64,000.

A number of other hedge funds also recently made changes to their positions in the stock. Bard Associates Inc. boosted its stake in shares of Rimini Street by 2.1% in the 1st quarter. Bard Associates Inc. now owns 292,648 shares of the company’s stock valued at $1,018,000 after purchasing an additional 6,141 shares in the last quarter. Brooktree Capital Management boosted its stake in shares of Rimini Street by 0.4% in the 1st quarter. Brooktree Capital Management now owns 3,886,453 shares of the company’s stock valued at $13,525,000 after purchasing an additional 15,412 shares in the last quarter. Jane Street Group LLC boosted its stake in shares of Rimini Street by 120.2% in the 1st quarter. Jane Street Group LLC now owns 33,179 shares of the company’s stock valued at $115,000 after purchasing an additional 18,112 shares in the last quarter. NewEdge Advisors LLC acquired a new stake in shares of Rimini Street in the 1st quarter valued at approximately $66,000. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of Rimini Street by 899.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 23,446 shares of the company’s stock valued at $88,000 after purchasing an additional 21,100 shares in the last quarter. 73.75% of the stock is currently owned by institutional investors and hedge funds.

Rimini Street Price Performance

NASDAQ:RMNI opened at $4.52 on Tuesday. The firm’s 50 day simple moving average is $4.48 and its 200 day simple moving average is $4.00. Rimini Street, Inc. has a one year low of $1.53 and a one year high of $5.38. The company has a market cap of $418.18 million, a PE ratio of -112.97 and a beta of 1.38.

Insider Activity at Rimini Street

In other Rimini Street news, EVP Nancy Lyskawa sold 24,344 shares of the firm’s stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $4.00, for a total transaction of $97,376.00. Following the completion of the transaction, the executive vice president owned 160,609 shares in the company, valued at approximately $642,436. This trade represents a 13.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael L. Perica sold 100,249 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $4.20, for a total transaction of $421,045.80. Following the transaction, the chief financial officer owned 146,032 shares of the company’s stock, valued at approximately $613,334.40. The trade was a 40.71% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 231,422 shares of company stock valued at $969,055. Company insiders own 41.20% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on RMNI. Roth Capital set a $6.50 price target on shares of Rimini Street and gave the company a “buy” rating in a research note on Thursday, July 10th. Wall Street Zen downgraded shares of Rimini Street from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 2nd. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Rimini Street in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $6.25.

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.