Rimini Street (NASDAQ:RMNI) Lowered to Neutral at Alliance Global Partners

Rimini Street (NASDAQ:RMNI) was downgraded by analysts at Alliance Global Partners from a “buy” rating to a “neutral” rating in a research report issued on Wednesday, Briefing.com reports.

Rimini Street Stock Down 24.8 %

Shares of NASDAQ:RMNI traded down $0.78 during mid-day trading on Wednesday, reaching $2.37. 345,338 shares of the stock were exchanged, compared to its average volume of 250,081. The company has a market cap of $214.27 million, a P/E ratio of 9.88 and a beta of 1.29. The stock’s 50 day simple moving average is $2.86 and its 200-day simple moving average is $2.95. Rimini Street has a one year low of $2.01 and a one year high of $3.43.

Rimini Street (NASDAQ:RMNI) last released its earnings results on Thursday, May 2nd. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.05). The company had revenue of $106.75 million during the quarter, compared to analyst estimates of $107.62 million. Rimini Street had a net margin of 5.02% and a negative return on equity of 66.46%. Analysts anticipate that Rimini Street will post 0.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Rimini Street

Hedge funds and other institutional investors have recently bought and sold shares of the business. Lee Danner & Bass Inc. acquired a new stake in shares of Rimini Street during the 2nd quarter worth about $61,000. Panagora Asset Management Inc. lifted its holdings in Rimini Street by 29.7% during the 2nd quarter. Panagora Asset Management Inc. now owns 128,705 shares of the company’s stock worth $395,000 after purchasing an additional 29,468 shares during the last quarter. Patriot Financial Group Insurance Agency LLC bought a new stake in Rimini Street in the 2nd quarter valued at $258,000. Allspring Global Investments Holdings LLC increased its position in Rimini Street by 21,886.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 35,838 shares of the company’s stock worth $110,000 after buying an additional 35,675 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Rimini Street by 17.9% during the second quarter. Bank of New York Mellon Corp now owns 307,911 shares of the company’s stock worth $945,000 after buying an additional 46,736 shares in the last quarter. Institutional investors own 73.75% of the company’s stock.

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.