Fubotv earnings beat by $0.10, revenue topped estimates
Ravin Seth A., the President, CEO, and Chairman of Rimini Street , Inc. (NASDAQ:RMNI), recently sold shares of the company’s common stock valued at approximately $8,055. The transaction, disclosed in a recent SEC filing, involved the sale of 2,315 shares at an average price of $3.4797 per share. The stock, which InvestingPro analysis suggests is currently undervalued, has shown remarkable strength with a 99% gain over the past six months.
According to the filing, this transaction was an automatically-triggered "sell-to-cover" to manage withholding tax obligations related to the vesting of Restricted Stock Units (RSUs). The CEO did not initiate the sale himself. Following this transaction, Ravin Seth A. continues to hold 449,266 shares directly and 10,491,309 shares indirectly through the SAR Trust. With a market capitalization of $318 million and a FAIR financial health score according to InvestingPro, the company operates with a moderate debt level.
Additionally, the filing reported the acquisition of 6,667 shares through the vesting of RSUs, which did not involve any cash transaction. The RSUs are part of a grant made on March 3, 2023, with vesting scheduled in thirds annually through March 2026, contingent on continued service with the company. While currently unprofitable, InvestingPro analysts expect the company to return to profitability this year, with 10+ additional exclusive insights available to subscribers.
In other recent news, Rimini Street reported its Q4 2024 earnings, showing a revenue increase to $114.2 million, surpassing the forecast of $102.51 million, while earnings per share met expectations at $0.07. Despite the revenue beat, the company experienced a slight decline in full-year revenue, totaling $428.8 million, marking a 0.6% decrease. Alliance Global Partners (NYSE:GLP) upgraded Rimini Street’s stock from Neutral to Buy, raising the price target to $6.50, based on projections for 2026 and the anticipation of recovering $58 million in cash from Oracle (NYSE:ORCL). This upgrade reflects a more optimistic view of the company’s financial prospects despite ongoing litigation concerns.
Additionally, Rimini Street appointed Jay Snyder to its Audit Committee, ensuring compliance with Nasdaq’s audit committee requirements. This appointment follows a period of noncompliance due to a previous resignation, highlighting the company’s commitment to governance standards. The company also implemented a new sales model and achieved significant cost reductions, which contributed to a 7.1% increase in Q4 billings year-over-year. Rimini Street’s strategic focus on expanding service offerings and partnerships, such as with ServiceNow (NYSE:NOW), aims to drive future growth.
These developments come amid ongoing litigation with Oracle, where Rimini Street is seeking the return of $58.5 million in attorney’s fees following a favorable appellate court decision. The company remains focused on reacceleration through strategic alliances and cost optimization efforts, as indicated by its Q4 performance and market reactions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.