Rambus Inc. (NASDAQ:RMBS) was the target of a large growth in short interest during the month of July. As of July 31st, there was short interest totalling 2,588,800 shares, a growth of 9.6% from the June 30th total of 2,361,200 shares. Based on an average trading volume of 525,400 shares, the days-to-cover ratio is presently 4.9 days. Approximately 2.4% of the company’s shares are sold short.
Several research analysts recently weighed in on the stock. Zacks Investment Research raised shares of Rambus from a “sell” rating to a “hold” rating in a research note on Wednesday, June 26th. Deutsche Bank lifted their price target on shares of Rambus from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. ValuEngine raised shares of Rambus from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. Wells Fargo & Co started coverage on shares of Rambus in a research note on Tuesday, May 14th. They issued an “outperform” rating and a $11.35 price target on the stock. Finally, Citigroup lifted their price target on shares of Rambus from $13.10 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $12.67.
In related news, Director Charles Kissner sold 3,723 shares of Rambus stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $12.08, for a total transaction of $44,973.84. Following the transaction, the director now owns 47,503 shares of the company’s stock, valued at approximately $573,836.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Luc Seraphin sold 18,287 shares of Rambus stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $11.98, for a total transaction of $219,078.26. Following the transaction, the insider now directly owns 228,697 shares in the company, valued at approximately $2,739,790.06. The disclosure for this sale can be found here. Insiders have sold a total of 23,909 shares of company stock worth $287,532 in the last three months. 1.00% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in RMBS. Morgan Stanley increased its holdings in shares of Rambus by 4,124.8% in the second quarter. Morgan Stanley now owns 1,180,656 shares of the semiconductor company’s stock valued at $14,215,000 after purchasing an additional 1,152,710 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Rambus by 275.9% in the second quarter. AQR Capital Management LLC now owns 43,954 shares of the semiconductor company’s stock valued at $529,000 after purchasing an additional 32,262 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Rambus by 82.6% in the second quarter. Invesco Ltd. now owns 853,311 shares of the semiconductor company’s stock valued at $10,274,000 after purchasing an additional 385,994 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Rambus by 5.3% in the second quarter. Vanguard Group Inc. now owns 11,674,352 shares of the semiconductor company’s stock valued at $140,560,000 after purchasing an additional 590,445 shares during the last quarter. Finally, A.R.T. Advisors LLC acquired a new position in shares of Rambus in the second quarter valued at $192,000. 77.35% of the stock is currently owned by hedge funds and other institutional investors.
RMBS traded down $0.12 during trading on Wednesday, reaching $12.20. The company had a trading volume of 381,352 shares, compared to its average volume of 841,639. The company has a debt-to-equity ratio of 0.16, a quick ratio of 7.48 and a current ratio of 7.59. Rambus has a 12 month low of $7.17 and a 12 month high of $13.16. The company’s fifty day moving average price is $12.29. The stock has a market capitalization of $1.33 billion, a P/E ratio of 16.05, a P/E/G ratio of 1.61 and a beta of 0.70.
Rambus (NASDAQ:RMBS) last announced its quarterly earnings results on Monday, July 29th. The semiconductor company reported ($0.05) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.21). Rambus had a negative net margin of 35.34% and a positive return on equity of 2.52%. The company had revenue of $58.30 million during the quarter, compared to the consensus estimate of $96.25 million. During the same period in the previous year, the firm posted $0.21 EPS. The business’s quarterly revenue was down 41.0% compared to the same quarter last year. On average, research analysts expect that Rambus will post 0.75 EPS for the current fiscal year.
Rambus Inc provides semiconductor products in the United States, Japan, Europe, Taiwan, China, South Korea, Canada, Singapore, Asia, and internationally. The company operates through three divisions: Memory and Interfaces, Rambus Security, and Emerging Solutions. The Memory and Interfaces division engages in the design, development, and manufacturing through partnerships and licensing of technology and solutions related to memory and interfaces.
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