Traders Purchase Large Volume of Rimini Street Call Options (NASDAQ:RMNI)

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Rimini Street, Inc. (NASDAQ:RMNI) was the target of unusually large options trading activity on Monday. Stock traders acquired 2,407 call options on the stock. This represents an increase of 5,771% compared to the typical daily volume of 41 call options.

RMNI traded up $0.06 during trading on Monday, hitting $6.00. 12,737 shares of the company traded hands, compared to its average volume of 276,940. The company has a market cap of $457.71 million, a PE ratio of -21.21, a P/E/G ratio of 0.98 and a beta of 0.41. The stock’s 50-day simple moving average is $4.60 and its two-hundred day simple moving average is $4.30. Rimini Street has a 1 year low of $2.22 and a 1 year high of $5.97.

RMNI has been the subject of a number of analyst reports. Craig Hallum initiated coverage on shares of Rimini Street in a research note on Friday, October 2nd. They issued a “buy” rating and a $5.00 price objective for the company. Zacks Investment Research cut shares of Rimini Street from a “hold” rating to a “sell” rating in a research note on Wednesday, October 7th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $6.67.

In other Rimini Street news, CAO Stanley Mbugua sold 8,524 shares of the stock in a transaction that occurred on Friday, December 4th. The shares were sold at an average price of $4.88, for a total value of $41,597.12. Following the transaction, the chief accounting officer now directly owns 101 shares in the company, valued at $492.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 61.14% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its position in Rimini Street by 9.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 49,217 shares of the company’s stock worth $253,000 after purchasing an additional 4,177 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Rimini Street by 253.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 46,083 shares of the company’s stock valued at $238,000 after buying an additional 33,044 shares during the period. Bank of America Corp DE grew its holdings in Rimini Street by 151.2% in the 2nd quarter. Bank of America Corp DE now owns 11,229 shares of the company’s stock valued at $57,000 after buying an additional 6,759 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in Rimini Street by 110.8% in the 2nd quarter. Jacobs Levy Equity Management Inc. now owns 27,613 shares of the company’s stock valued at $142,000 after buying an additional 14,512 shares during the period. Finally, Bridgeway Capital Management Inc. purchased a new stake in shares of Rimini Street during the 2nd quarter worth about $126,000. 51.05% of the stock is owned by institutional investors.

About Rimini Street

Rimini Street, Inc provides enterprise software products and services for various industries. The company offers third-party support for Oracle and SAP software products. It sells its solutions primarily through direct sales organizations in North America, Latin America, Europe, Africa, the Middle East, Asia, and the Asia-Pacific.

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