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

Rambus Inc. (NASDAQ:RMBS) gapped up before the market opened on Tuesday . The stock had previously closed at $56.89, but opened at $60.72. Rambus shares last traded at $59.02, with a volume of 133,877 shares trading hands.

Analyst Ratings Changes

RMBS has been the topic of several recent analyst reports. Rosenblatt Securities reissued a “buy” rating and set a $85.00 target price on shares of Rambus in a report on Tuesday, October 29th. Loop Capital assumed coverage on Rambus in a research note on Monday, November 11th. They issued a “buy” rating and a $70.00 price objective on the stock. Robert W. Baird assumed coverage on Rambus in a research note on Monday. They set an “outperform” rating and a $90.00 target price for the company. Finally, Wells Fargo & Company initiated coverage on shares of Rambus in a research report on Wednesday, November 6th. They issued an “overweight” rating and a $62.00 price target on the stock. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $74.67.

Rambus Stock Performance

The firm has a market capitalization of $6.26 billion, a P/E ratio of 35.34 and a beta of 1.17. The firm has a 50 day moving average price of $46.02 and a two-hundred day moving average price of $50.32.

Hedge Funds Weigh In On Rambus

A number of hedge funds and other institutional investors have recently modified their holdings of RMBS. Advisors Asset Management Inc. lifted its stake in Rambus by 62.1% during the first quarter. Advisors Asset Management Inc. now owns 7,524 shares of the semiconductor company’s stock valued at $465,000 after buying an additional 2,881 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Rambus by 10.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,056,350 shares of the semiconductor company’s stock valued at $65,294,000 after acquiring an additional 104,050 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in Rambus by 31.7% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 8,742 shares of the semiconductor company’s stock worth $540,000 after purchasing an additional 2,103 shares during the period. Tidal Investments LLC grew its position in Rambus by 136.5% during the 1st quarter. Tidal Investments LLC now owns 25,082 shares of the semiconductor company’s stock worth $1,550,000 after purchasing an additional 14,475 shares in the last quarter. Finally, Comerica Bank raised its stake in Rambus by 51.3% during the 1st quarter. Comerica Bank now owns 69,395 shares of the semiconductor company’s stock valued at $4,289,000 after purchasing an additional 23,526 shares during the period. Institutional investors and hedge funds own 88.54% of the company’s stock.

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.