5 Oversold Penny Stocks To Buy

In this article, we will take a look at the 5 oversold penny stocks to buy. To see more such companies, go directly to 10 Oversold Penny Stocks To Buy.

5. Rimini Street, Inc. (NASDAQ:RMNI)

Number of Hedge Fund Holders: 15

Enterprise software products company Rimini Street, Inc. (NASDAQ:RMNI) ranks 5th in our list of the oversold penny stocks to buy now.

Earlier this month Rimini Street, Inc. (NASDAQ:RMNI) posted Q2 results. GAAP EPS in the quarter came in at $0.05, in-line with analyst estimates. Revenue in the quarter came in at $106.42 million, which is a 5.2% YoY growth.

As of the end of the first quarter of 2023, 15 hedge funds tracked by Insider Monkey had reported owning stakes in Rimini Street, Inc. (NASDAQ:RMNI). The most significant shareholder of Rimini Street, Inc. (NASDAQ:RMNI) during this period was Jeffrey Diehl’s Adams Street Partners which owns a stake worth about $97 million in the company.

Diamond Hill Capital made the following comment about Rimini Street, Inc. (NASDAQ:RMNI) in its Q4 2022 investor letter:

“Bottom contributors in Q4 included Rimini Street, Inc. (NASDAQ:RMNI) and Wolverine World Wide (WWW). Shares of IT services company Rimini Street were pressured as the company’s ongoing restructuring of its global sales team has weighed on billings. The company, which offers third-party support and maintenance for enterprise software like Oracle and SAP products, offers its clients a compelling value proposition at a steep discount relative to the software providers themselves. We believe Rimini Street will be able to drive attractive levels of revenue growth once it has worked through the near-term growing pains associated with its sales team restructuring.”