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

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

Rambus Stock Up 1.2 %

RMBS opened at $57.81 on Monday. The stock has a market cap of $6.16 billion, a price-to-earnings ratio of 35.91 and a beta of 1.17. Rambus has a twelve month low of $37.42 and a twelve month high of $76.38. The company’s 50-day moving average price is $47.52 and its two-hundred day moving average price is $50.31.

Institutional Trading of Rambus

Hedge funds and other institutional investors have recently modified their holdings of the business. Franklin Resources Inc. increased its holdings in Rambus by 7.2% during the 3rd quarter. Franklin Resources Inc. now owns 413,086 shares of the semiconductor company’s stock worth $18,612,000 after acquiring an additional 27,764 shares during the period. World Investment Advisors LLC bought a new stake in Rambus during the 3rd quarter worth approximately $989,000. Sanctuary Advisors LLC increased its holdings in Rambus by 30.2% during the 3rd quarter. Sanctuary Advisors LLC now owns 5,288 shares of the semiconductor company’s stock worth $223,000 after acquiring an additional 1,228 shares during the period. Virtu Financial LLC bought a new stake in Rambus during the 3rd quarter worth approximately $407,000. Finally, Teachers Retirement System of The State of Kentucky increased its holdings in Rambus by 6.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 63,922 shares of the semiconductor company’s stock worth $2,699,000 after acquiring an additional 3,775 shares during the period. Institutional investors own 88.54% of the company’s stock.

Analysts Set New Price Targets

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

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.