Rambus (NASDAQ:RMBS) Shares Gap Up – Here’s What Happened

Rambus Inc. (NASDAQ:RMBS)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $43.26, but opened at $44.76. Rambus shares last traded at $44.14, with a volume of 61,772 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Susquehanna cut their price target on Rambus from $75.00 to $66.00 and set a “positive” rating on the stock in a report on Friday, July 26th. Rosenblatt Securities reiterated a “buy” rating and issued a $85.00 price target on shares of Rambus in a report on Tuesday, September 10th.

Rambus Trading Down 3.6 %

The stock has a market capitalization of $4.43 billion, a PE ratio of 19.70 and a beta of 1.19. The company’s 50-day moving average is $42.16 and its 200 day moving average is $51.71.

Rambus (NASDAQ:RMBS) last announced its quarterly earnings data on Monday, July 29th. The semiconductor company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.12). The company had revenue of $132.10 million during the quarter, compared to analysts’ expectations of $139.00 million. Rambus had a net margin of 48.31% and a return on equity of 16.74%. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.36 earnings per share. Sell-side analysts forecast that Rambus Inc. will post 1.41 EPS for the current fiscal year.

Hedge Funds Weigh In On Rambus

Several hedge funds and other institutional investors have recently modified their holdings of RMBS. Rise Advisors LLC purchased a new position in shares of Rambus in the 1st quarter valued at approximately $28,000. Quarry LP acquired a new position in Rambus in the 2nd quarter worth approximately $38,000. Fifth Third Bancorp increased its holdings in Rambus by 68.7% in the 2nd quarter. Fifth Third Bancorp now owns 727 shares of the semiconductor company’s stock worth $43,000 after buying an additional 296 shares during the period. Blue Trust Inc. increased its holdings in Rambus by 240.6% in the 2nd quarter. Blue Trust Inc. now owns 1,141 shares of the semiconductor company’s stock worth $71,000 after buying an additional 806 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in Rambus in the 2nd quarter worth approximately $87,000. 88.54% of the stock is owned by hedge funds and other institutional investors.

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.