Rimini Street (RMNI) is Declining on a Litigation Ruling

Diamond Hill Capital, an investment management company, released its “Small Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. During Q3 2023, US stocks fell by 3%, bringing YTD gains to around 12% as measured by the Russell 3000 Index. The portfolio trailed the Russell 2000 Index in Q3 and returned -5.62% bringing the YTD returns to 6.70%. Relative weakness in consumer discretionary holdings, industrials, and technology impacted the performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Diamond Hill Small Cap Fund highlighted stocks like Rimini Street, Inc. (NASDAQ:RMNI) in the third quarter 2023 investor letter. Headquartered in Las Vegas, Nevada, Rimini Street, Inc. (NASDAQ:RMNI) is an enterprise software products and services provider. On November 8, 2023, Rimini Street, Inc. (NASDAQ:RMNI) stock closed at $2.78 per share. One-month return of Rimini Street, Inc. (NASDAQ:RMNI) was 30.52%, and its shares lost 31.36% of their value over the last 52 weeks. Rimini Street, Inc. (NASDAQ:RMNI) has a market capitalization of $248.501 million.

Diamond Hill Small Cap Fund made the following comment about Rimini Street, Inc. (NASDAQ:RMNI) in its Q3 2023 investor letter:

“Other bottom contributors in Q3 included Rimini Street, Inc. (NASDAQ:RMNI), Lancaster Colony Corporation and Allegiant Travel Company. Shares of IT services company Rimini Street declined following a litigation ruling in Oracle’s favor, which has increased uncertainty about the company’s brand reputation among prospects and clients. We will observe closely how this unfolds over the coming quarters.”

A data centre room with cloud technology, illustrating the enterprise application software services.

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

We discussed Rimini Street, Inc. (NASDAQ:RMNI) in another article and shared the list of oversold penny stocks to buy. In addition, please check out our hedge fund investor letters Q3 2023 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.