Rambus (NASDAQ:RMBS) Trading 7.4% Higher – Here’s Why

Rambus, Inc. (NASDAQ:RMBS)’s stock price shot up 7.4% on Monday . The stock traded as high as $92.24 and last traded at $94.0950. 518,624 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 2,625,153 shares. The stock had previously closed at $87.60.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RMBS shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Rambus in a research report on Wednesday, September 2nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $165.00 target price on shares of Rambus in a research report on Tuesday, July 28th. Glj Research set a $165.00 target price on Rambus in a research note on Tuesday, July 28th. Finally, Benchmark reissued a “buy” rating on shares of Rambus in a report on Tuesday, July 28th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $145.88.

Rambus Stock Up 11.5%

The company has a market capitalization of $10.59 billion, a P/E ratio of 44.80 and a beta of 1.88. The company’s fifty day moving average price is $92.86 and its 200 day moving average price is $110.37.

Rambus (NASDAQ:RMBS) last released its quarterly earnings results on Monday, July 27th. The semiconductor company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.05. The company had revenue of $207.39 million for the quarter, compared to analysts’ expectations of $199.30 million. Rambus had a return on equity of 17.89% and a net margin of 31.69%.The business’s quarterly revenue was up 20.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.53 earnings per share. Research analysts predict that Rambus, Inc. will post 2.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rambus

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. acquired a new position in Rambus during the 2nd quarter worth about $1,853,645,000. Norges Bank acquired a new stake in shares of Rambus in the fourth quarter valued at about $156,356,000. Bank of America Corp DE bought a new position in shares of Rambus during the second quarter worth about $161,774,000. Bessemer Group Inc. raised its position in shares of Rambus by 1,009.5% during the first quarter. Bessemer Group Inc. now owns 1,039,905 shares of the semiconductor company’s stock worth $89,463,000 after acquiring an additional 946,177 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of Rambus in the second quarter worth approximately $109,940,000. Institutional investors and hedge funds own 88.54% of the company’s stock.

About Rambus

Rambus Inc (NASDAQ: RMBS) is a technology company that develops semiconductor and intellectual property solutions for the data-intensive computing market. Its business focuses on improving the performance, capacity, security and energy efficiency of memory and other components used in data centers, personal computers, networking equipment and other electronic systems.

The company offers memory interface chips and related products, including registered clock drivers, memory interface chips and power-management solutions designed for high-performance memory modules.