Rambus Inc. (RMBS) Sees Significant Growth in Short Interest
Rambus Inc. (NASDAQ:RMBS) saw a large growth in short interest during the month of May. As of May 15th, there was short interest totalling 8,939,334 shares, a growth of 38.1% from the April 28th total of 6,473,519 shares. Currently, 8.1% of the company’s shares are sold short. Based on an average daily trading volume, of 1,403,705 shares, the days-to-cover ratio is presently 6.4 days.
In related news, SVP Laura Stark sold 4,686 shares of the company’s stock in a transaction on Wednesday, April 12th. The shares were sold at an average price of $12.75, for a total transaction of $59,746.50. Following the completion of the sale, the senior vice president now directly owns 211,976 shares in the company, valued at approximately $2,702,694. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 12,488 shares of company stock valued at $159,398 over the last quarter. 2.30% of the stock is currently owned by company insiders.
Several institutional investors have recently made changes to their positions in the stock. LS Investment Advisors LLC raised its position in shares of Rambus by 88.5% in the first quarter. LS Investment Advisors LLC now owns 7,648 shares of the semiconductor company’s stock valued at $100,000 after buying an additional 3,590 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new position in shares of Rambus during the first quarter valued at approximately $117,000. Engineers Gate Manager LP purchased a new position in shares of Rambus during the first quarter valued at approximately $135,000. State of Alaska Department of Revenue raised its position in shares of Rambus by 3.2% in the first quarter. State of Alaska Department of Revenue now owns 12,270 shares of the semiconductor company’s stock valued at $161,000 after buying an additional 380 shares in the last quarter. Finally, Stevens Capital Management LP purchased a new position in shares of Rambus during the first quarter valued at approximately $199,000. Hedge funds and other institutional investors own 78.78% of the company’s stock.
Shares of Rambus (NASDAQ:RMBS) opened at 12.13 on Friday. The stock has a market capitalization of $1.36 billion, a P/E ratio of 173.29 and a beta of 0.99. The stock has a 50 day moving average of $12.52 and a 200-day moving average of $13.08. Rambus has a 52-week low of $11.28 and a 52-week high of $14.50.
Rambus (NASDAQ:RMBS) last announced its quarterly earnings results on Monday, April 24th. The semiconductor company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.15 by $0.02. The firm had revenue of $97.40 million for the quarter, compared to analyst estimates of $95.52 million. Rambus had a return on equity of 9.64% and a net margin of 2.03%. The business’s revenue for the quarter was up 34.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.13 earnings per share. Analysts predict that Rambus will post $0.62 EPS for the current fiscal year.
A number of equities research analysts recently commented on RMBS shares. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $14.50 price target on shares of Rambus in a report on Tuesday, March 7th. Zacks Investment Research downgraded shares of Rambus from a “hold” rating to a “sell” rating in a research report on Saturday, April 29th. Jefferies Group LLC reissued a “hold” rating and set a $13.50 price objective on shares of Rambus in a research report on Monday, March 20th. Finally, TheStreet raised shares of Rambus from a “c” rating to a “b-” rating in a research report on Monday, April 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $15.00.
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Rambus Company Profile
Rambus Inc (Rambus) produces hardware and software technologies. The Company’s segments include Memory and Interface Division (MID), which focuses the design, development, manufacturing through partnerships and licensing of technology and solutions that is related to memory and interfaces; Rambus Security Division (RSD), which focuses on the design, development and licensing of technologies for chip and system security, anti-counterfeiting, smart ticketing and mobile payments; Emerging Solutions Division (ESD), which encompasses its long-term research and development efforts in the area of emerging technologies, and Rambus Lighting Division (RLD), which focuses on the design, development and licensing of technologies for lighting.
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