Rambus, Inc. (NASDAQ:RMBS) Sees Large Drop in Short Interest

Rambus, Inc. (NASDAQ:RMBS) was the recipient of a significant decline in short interest in June. As of June 30th, there was short interest totaling 4,878,765 shares, a decline of 36.5% from the June 15th total of 7,682,296 shares. Currently, 4.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 4,603,682 shares, the short-interest ratio is currently 1.1 days.

Analyst Ratings Changes

Several brokerages recently issued reports on RMBS. Benchmark started coverage on Rambus in a research report on Wednesday. They set a “buy” rating and a $165.00 price objective for the company. Robert W. Baird cut Rambus from an “outperform” rating to a “neutral” rating and set a $120.00 target price on the stock. in a report on Tuesday, April 28th. Evercore reissued an “outperform” rating and set a $172.00 price target on shares of Rambus in a research report on Tuesday, April 28th. Jefferies Financial Group boosted their price target on Rambus from $120.00 to $145.00 and gave the stock a “buy” rating in a report on Tuesday, April 28th. Finally, Rosenblatt Securities upped their price objective on Rambus from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, April 28th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $134.75.

Rambus Stock Up 0.0%

Shares of RMBS traded up $0.02 on Friday, hitting $101.44. 3,960,147 shares of the stock traded hands, compared to its average volume of 3,444,920. The firm has a market capitalization of $10.97 billion, a P/E ratio of 48.30 and a beta of 1.84. Rambus has a 1 year low of $62.81 and a 1 year high of $174.10. The stock’s 50 day moving average is $131.72 and its two-hundred day moving average is $114.01.

Rambus (NASDAQ:RMBS) last issued its quarterly earnings results on Monday, April 27th. The semiconductor company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.02. Rambus had a return on equity of 17.41% and a net margin of 31.90%.The company had revenue of $180.19 million for the quarter, compared to analyst estimates of $179.94 million. Research analysts forecast that Rambus will post 2.44 EPS for the current year.

Insiders Place Their Bets

In other Rambus news, Director Emiko Higashi sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $160.50, for a total transaction of $1,605,000.00. Following the completion of the transaction, the director directly owned 49,519 shares in the company, valued at approximately $7,947,799.50. This trade represents a 16.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Xianzhi Sean Fan sold 37,914 shares of Rambus stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $151.69, for a total transaction of $5,751,174.66. Following the transaction, the executive vice president owned 168,358 shares of the company’s stock, valued at approximately $25,538,225.02. The trade was a 18.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 65,886 shares of company stock worth $10,171,466. 0.75% of the stock is owned by insiders.

Institutional Trading of Rambus

A number of hedge funds have recently added to or reduced their stakes in RMBS. Acumen Wealth Advisors LLC acquired a new position in shares of Rambus during the 4th quarter valued at about $25,000. Torren Management LLC acquired a new stake in shares of Rambus in the fourth quarter worth approximately $26,000. Spire Wealth Management grew its holdings in Rambus by 199.0% in the fourth quarter. Spire Wealth Management now owns 302 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 201 shares during the period. University of Texas Texas AM Investment Management Co. purchased a new stake in Rambus in the fourth quarter valued at approximately $28,000. Finally, Western Wealth Management LLC acquired a new position in Rambus during the first quarter worth approximately $44,000. 88.54% of the stock is owned by institutional investors and hedge funds.

Rambus Company Profile

Rambus Inc is a technology licensing company specializing in semiconductor and system-level interface solutions. Founded in 1990 by Stanford University researchers Mike Farmwald and Mark Horowitz, Rambus established its headquarters in Sunnyvale, California. The company initially gained prominence by developing high-speed DRAM interface technology and securing a broad patent portfolio covering memory architecture, data signaling and power management innovations.

Today, Rambus licenses its proprietary intellectual property (IP) to semiconductor companies, original equipment manufacturers (OEMs) and system integrators worldwide.