Lucid files for 1-for-10 reverse stock split requiring shareholder approval
Rimini Street , Inc. (NASDAQ:RMNI) stock achieved a new 52-week high this trading session, reaching a price level of $3.36, marking a remarkable 70.11% surge over the past six months. According to InvestingPro analysis, the company, currently valued at $302.5M, appears undervalued based on its Fair Value metrics. This milestone underscores the company’s consistent performance in the market, reflecting a positive sentiment among investors. While the stock shows mixed performance with varying timeframes, InvestingPro data reveals several promising indicators, including strong momentum scores and analyst forecasts for profitability this year. This growth trajectory indicates potential for further gains, as the company continues to expand its offerings and strengthen its position in the industry. Discover 8 additional key insights about RMNI with an InvestingPro subscription, including detailed Fair Value analysis and comprehensive Pro Research Reports available for over 1,400 US stocks.
In other recent news, Rimini Street has been the subject of significant developments. The company received an upgrade from a Craig-Hallum analyst, moving from Hold to Buy, following a favorable Appeals Court ruling. This ruling reversed several previous decisions against Rimini Street in its legal battle with Oracle (NYSE:ORCL), potentially enabling the company to continue servicing certain software environments.
Furthermore, the reversal may have implications for Rimini Street’s appeal for a refund of the $58.5M in legal fees paid to Oracle. Despite potential restrictions, such as the use of automated tools, the analyst perceives these as manageable and sees reduced legal headwinds for Rimini Street.
In addition to these legal developments, Rimini Street exhibited a strong financial quarter with increases in Annual Recurring Revenue (ARR), billings, and clients, along with higher retention rates. The company’s new price target of $6.00, set by the Craig-Hallum analyst, reflects a valuation of 1.5 times Revenue and 12.2 times EBITDA, suggesting a substantial undervaluation of Rimini Street’s stock. These recent developments have brought Rimini Street into a new light for investors.
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