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Should You Invest in Rimini Street (RMNI) for the Long-Term?

Diamond Hill Capital, an investment management company, released its “Small Cap Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -1.50% net of fees compared to a -2.19% return for the Russell 2000 Index. Investment in consumer staples, technology, and financial sectors contributed positively to the strategy’s performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Diamond Hill Capital discussed stocks like Rimini Street, Inc. (NASDAQ:RMNI) in the Q3 2022 investor letter. Headquartered in Las Vegas, Nevada, Rimini Street, Inc. (NASDAQ:RMNI) is an enterprise software products and services provider. On October 24, 2022, Rimini Street, Inc. (NASDAQ:RMNI) stock closed at $5.47 per share. One-month return of Rimini Street, Inc. (NASDAQ:RMNI) was 13.49% and its shares lost 45.73% of their value over the last 52 weeks. Rimini Street, Inc. (NASDAQ:RMNI) has a market capitalization of $478.893 million.

Diamond Hill Capital made the following comment about Rimini Street, Inc. (NASDAQ:RMNI) in its Q3 2022 investor letter:

“Other bottom contributors included IT services company Rimini Street, Inc. (NASDAQ:RMNI), timber REIT Rayonier and insurance group Enstar. Rimini’s shares were pressured as investors questioned the timeframe in which it can grow its client-facing sales team. We believe these are near-term growing pains, and the business appears to trade at a large discount to our intrinsic value estimate."

10 Best AI Stocks for 2022

Rimini Street, Inc. (NASDAQ:RMNI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Rimini Street, Inc. (NASDAQ:RMNI) at the end of the second quarter, which was 15 in the previous quarter.

We discussed Rimini Street, Inc. (NASDAQ:RMNI) in another article and shared the list of best stocks to buy now according to Jeffrey Diehl’s Adams Street Partners. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.