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

Rambus Inc. (NASDAQ:RMBS) was the target of a large growth in short interest in November. As of November 15th, there was short interest totalling 3,450,000 shares, a growth of 24.5% from the October 31st total of 2,770,000 shares. Based on an average daily trading volume, of 1,570,000 shares, the days-to-cover ratio is presently 2.2 days. Approximately 3.3% of the shares of the stock are sold short.

Rambus Stock Performance

NASDAQ RMBS traded up $0.69 on Friday, hitting $57.81. 574,108 shares of the stock were exchanged, compared to its average volume of 945,433. Rambus has a 52-week low of $37.42 and a 52-week high of $76.38. The firm has a market capitalization of $6.16 billion, a P/E ratio of 35.91 and a beta of 1.17. The stock has a fifty day moving average price of $47.52 and a two-hundred day moving average price of $50.31.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Loop Capital assumed coverage on Rambus in a report on Monday, November 11th. They set a “buy” rating and a $70.00 price objective on the stock. Wells Fargo & Company initiated coverage on shares of Rambus in a research note on Wednesday, November 6th. They set an “overweight” rating and a $62.00 price target on the stock. Robert W. Baird initiated coverage on shares of Rambus in a research report on Monday, November 25th. They set an “outperform” rating and a $90.00 price objective for the company. Baird R W upgraded shares of Rambus to a “strong-buy” rating in a research report on Monday, November 25th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $85.00 price target on shares of Rambus in a research report on Tuesday, October 29th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $74.67.

Hedge Funds Weigh In On Rambus

Large investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. raised its position in Rambus by 339.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,266,780 shares of the semiconductor company’s stock worth $53,483,000 after purchasing an additional 978,417 shares during the period. Swedbank AB raised its holdings in shares of Rambus by 56.1% in the second quarter. Swedbank AB now owns 1,549,850 shares of the semiconductor company’s stock worth $91,069,000 after buying an additional 556,850 shares during the period. AQR Capital Management LLC lifted its stake in shares of Rambus by 559.7% during the 2nd quarter. AQR Capital Management LLC now owns 572,930 shares of the semiconductor company’s stock worth $33,133,000 after acquiring an additional 486,078 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in Rambus during the 3rd quarter valued at $18,984,000. Finally, American Century Companies Inc. grew its position in Rambus by 63.8% in the 2nd quarter. American Century Companies Inc. now owns 1,053,377 shares of the semiconductor company’s stock valued at $61,897,000 after acquiring an additional 410,332 shares during the last quarter. 88.54% of the stock is owned by hedge funds and other institutional investors.

Rambus Company Profile

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.