Lucid files for 1-for-10 reverse stock split requiring shareholder approval
In a recent filing with the Securities and Exchange Commission, Rimini Street , Inc. (NASDAQ:RMNI) disclosed that Steven Hershkowitz, the company’s Executive Vice President and Chief Revenue Officer, sold shares valued at $86,724. The transaction took place on April 30, 2025, and involved the sale of 24,974 shares at an average price of $3.4726 per share. The stock, which has surged nearly 92% over the past six months and currently trades at $3.55, remains undervalued according to InvestingPro analysis.
The sale was part of an automatic "sell-to-cover" transaction to satisfy tax withholding obligations related to the vesting of restricted stock units. Following this transaction, Hershkowitz holds 75,025 shares of Rimini Street stock. With analysts setting price targets between $4 and $7, this $323 million market cap company shows promising potential.
In addition to the stock sale, Hershkowitz also acquired 99,999 shares of common stock through the vesting of restricted stock units, which were initially granted on April 30, 2024. This acquisition did not involve any cash transaction, as the shares were part of a vesting event. As a result, his total holdings in the company increased to 200,001 shares. For deeper insights into insider trading patterns and comprehensive analysis, check out the detailed Pro Research Report available on InvestingPro.
In other recent news, Rimini Street Inc. reported its first-quarter 2025 earnings, showing a revenue of $104.2 million, slightly surpassing the forecast of $103.26 million. However, the company missed earnings per share (EPS) expectations, posting $0.04 against a forecast of $0.07. Despite the EPS miss, Rimini Street’s gross margin improved to 61% from 59.8% year-over-year, indicating enhanced operational efficiency. The company is actively pursuing strategic partnerships and cost optimization efforts, with a focus on alliances such as those with ServiceNow (NYSE:NOW), Workday (NASDAQ:WDAY), and T Systems North America. Rimini Street’s ongoing litigation with Oracle (NYSE:ORCL) remains a challenge, impacting its ability to provide formal guidance. Analysts from Alliance Global Partners (NYSE:GLP) expressed interest in the potential of the company’s partnerships, particularly with ServiceNow, as a significant growth driver by 2026. The company’s billings increased by 7.2% year-over-year, reflecting positive momentum in sales and cost controls. Rimini Street continues to explore growth opportunities in the U.S. Federal government market while navigating global economic uncertainties and competitive pressures in the third-party support market.
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