Voss Capital LP Sells 180,000 Shares of Rimini Street, Inc. $RMNI

Voss Capital LP cut its position in shares of Rimini Street, Inc. (NASDAQ:RMNI) by 72.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 70,000 shares of the company’s stock after selling 180,000 shares during the period. Voss Capital LP owned about 0.08% of Rimini Street worth $272,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of RMNI. Mink Brook Asset Management LLC raised its position in Rimini Street by 1,399.1% during the 3rd quarter. Mink Brook Asset Management LLC now owns 749,574 shares of the company’s stock valued at $3,508,000 after purchasing an additional 699,574 shares in the last quarter. Manatuck Hill Partners LLC raised its position in shares of Rimini Street by 401.4% in the 3rd quarter. Manatuck Hill Partners LLC now owns 604,640 shares of the company’s stock worth $2,830,000 after acquiring an additional 484,040 shares in the last quarter. CenterBook Partners LP bought a new position in shares of Rimini Street in the 3rd quarter worth $1,571,000. Marshall Wace LLP bought a new position in shares of Rimini Street in the 2nd quarter worth $1,134,000. Finally, Dimensional Fund Advisors LP raised its position in shares of Rimini Street by 362.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 210,726 shares of the company’s stock worth $818,000 after acquiring an additional 165,155 shares in the last quarter. 73.75% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CEO Seth A. Ravin sold 57,097 shares of Rimini Street stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $3.94, for a total value of $224,962.18. Following the sale, the chief executive officer directly owned 882,900 shares of the company’s stock, valued at $3,478,626. The trade was a 6.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Kevin Maddock sold 7,485 shares of the business’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $3.94, for a total value of $29,490.90. Following the transaction, the executive vice president directly owned 213,534 shares in the company, valued at $841,323.96. This trade represents a 3.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 181,929 shares of company stock worth $718,133 in the last ninety days. 41.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Alliance Global Partners reissued a “buy” rating on shares of Rimini Street in a research report on Friday, May 1st. TD Cowen boosted their target price on Rimini Street from $4.00 to $4.50 and gave the stock a “hold” rating in a research note on Monday, May 4th. Zacks Research downgraded Rimini Street from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Rimini Street in a research note on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $5.50.

Rimini Street Stock Performance

Rimini Street stock opened at $4.16 on Friday. The business’s 50-day simple moving average is $3.70 and its two-hundred day simple moving average is $3.65. The company has a market cap of $385.05 million, a PE ratio of 11.24 and a beta of 1.30. Rimini Street, Inc. has a fifty-two week low of $2.87 and a fifty-two week high of $5.38.

Rimini Street (NASDAQ:RMNI) last issued its earnings results on Thursday, April 30th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.07). Rimini Street had a negative return on equity of 24.30% and a net margin of 8.30%.The company had revenue of $105.47 million during the quarter, compared to analysts’ expectations of $102.71 million. As a group, analysts predict that Rimini Street, Inc. will post 0.27 EPS for the current fiscal year.

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.