Rambus Inc. (NASDAQ:RMBS) Short Interest Up 29.4% in August

Rambus Inc. (NASDAQ:RMBS) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 3,390,000 shares, a growth of 29.4% from the August 15th total of 2,620,000 shares. Based on an average daily trading volume, of 1,630,000 shares, the days-to-cover ratio is presently 2.1 days. Approximately 3.2% of the shares of the company are short sold.

Rambus Trading Down 2.7 %

RMBS traded down $1.09 during midday trading on Monday, hitting $39.78. 1,987,746 shares of the company were exchanged, compared to its average volume of 1,545,596. The company’s 50 day simple moving average is $49.39 and its 200 day simple moving average is $55.30. The firm has a market capitalization of $4.29 billion, a price-to-earnings ratio of 12.05 and a beta of 1.19. Rambus has a 1-year low of $37.42 and a 1-year high of $76.38.

Rambus (NASDAQ:RMBS) last posted its earnings results on Monday, July 29th. The semiconductor company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.12). Rambus had a return on equity of 16.74% and a net margin of 48.31%. The company had revenue of $132.10 million for the quarter, compared to analyst estimates of $139.00 million. During the same period last year, the business earned $0.36 earnings per share. The firm’s revenue was up 10.3% on a year-over-year basis. On average, equities analysts anticipate that Rambus will post 1.41 EPS for the current year.

Hedge Funds Weigh In On Rambus

Several institutional investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. raised its holdings in Rambus by 386.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 288,363 shares of the semiconductor company’s stock worth $16,944,000 after purchasing an additional 229,066 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in shares of Rambus during the 4th quarter valued at approximately $1,434,000. American International Group Inc. grew its stake in Rambus by 231.7% in the 4th quarter. American International Group Inc. now owns 198,577 shares of the semiconductor company’s stock valued at $13,553,000 after acquiring an additional 138,714 shares during the period. Magnetar Financial LLC purchased a new stake in Rambus in the 1st quarter worth $1,289,000. Finally, Rafferty Asset Management LLC raised its position in Rambus by 13.5% during the fourth quarter. Rafferty Asset Management LLC now owns 677,660 shares of the semiconductor company’s stock worth $46,250,000 after acquiring an additional 80,670 shares during the period. 88.54% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RMBS has been the topic of several research reports. Rosenblatt Securities reissued a “buy” rating and issued a $85.00 target price on shares of Rambus in a research report on Tuesday, September 10th. Susquehanna cut their price objective on Rambus from $75.00 to $66.00 and set a “positive” rating on the stock in a report on Friday, July 26th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $77.75.

About Rambus

Rambus Inc provides semiconductor products in the United States, South Korea, Singapore, and internationally. The company offers DDR memory interface chips, including DDR5 and DDR4 memory interface chips to module manufacturers, OEMs, and hyperscalers; silicon IP, such as interface and security IP solutions that move and protect data in advanced data center, government, and automotive applications; and interface IP solutions for high-speed memory and chip-to-chip digital controller IP.