Rimini Street slumps after surprise loss in Q3; Cowen downgrades stock

Rimini Street

04/11/2021 12:07

** Shares of enterprise software provider  RMNI.O  slump
27.88% to $8.15 pre-market Thursday - set to slip to its lowest
price in nearly three months - after posting Q3 results
    ** Co posts loss per share of 8 cents versus estimated EPS
of 11 cents - Refinitiv data   urn:newsml:reuters.com:*:nASA02Q6V
    ** Also, firm sees Q4 revenue at $95.8 mln-$96.8 mln, below
analysts' estimates of $98.4 mln - Refinitiv data
    ** Cowen downgrades stock to "market perform" from
"outperform" saying co's performance follows recent leadership
changes, elevated sales attrition, weak productivity from newer
representatives
    ** "We see shares range-bound until growth re-accelerates,
which we don't model until Q4 of next year" - Cowen
    ** Co is biggest decliner on Nasdaq pre-market Thurs
    ** Stock has surged ~155% YTD and marked six straight
sessions of gains until last close

 (Reporting by Anisha Sircar in Bengaluru)
 ((Anisha.Sircar@thomsonreuters.com))