Rambus (NASDAQ:RMBS) Trading Up 5.7% - Here's Why

Rambus Inc. (NASDAQ:RMBS - Get Free Report)'s share price shot up 5.7% on Wednesday . The stock traded as high as $62.25 and last traded at $63.10. 178,498 shares were traded during trading, a decline of 86% from the average session volume of 1,262,364 shares. The stock had previously closed at $59.70.

Analyst Upgrades and Downgrades

RMBS has been the topic of several research analyst reports. Rosenblatt Securities reissued a "buy" rating and set a $80.00 price target on shares of Rambus in a research note on Tuesday, April 29th. Wall Street Zen cut shares of Rambus from a "buy" rating to a "hold" rating in a research note on Monday, May 19th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $75.00.

Rambus Price Performance

The stock has a market capitalization of $6.24 billion, a P/E ratio of 35.00 and a beta of 1.20. The business's 50 day simple moving average is $52.39 and its 200-day simple moving average is $55.67.

Insiders Place Their Bets

In other Rambus news, Director Steven Laub sold 1,847 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $55.12, for a total value of $101,806.64. Following the sale, the director now directly owns 9,057 shares in the company, valued at approximately $499,221.84. This trade represents a 16.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Luc Seraphin sold 10,000 shares of the stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $58.64, for a total transaction of $586,400.00. Following the completion of the sale, the chief executive officer now owns 306,931 shares in the company, valued at approximately $17,998,433.84. This trade represents a 3.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 61,848 shares of company stock worth $3,182,033. Company insiders own 1.00% of the company's stock.

Institutional Investors Weigh In On Rambus

Several hedge funds have recently bought and sold shares of the company. Strs Ohio acquired a new stake in Rambus in the first quarter worth $1,413,000. Ellsworth Advisors LLC acquired a new stake in shares of Rambus during the first quarter worth $3,868,000. Acadian Asset Management LLC acquired a new stake in shares of Rambus during the first quarter worth $218,000. Intech Investment Management LLC raised its holdings in shares of Rambus by 39.2% during the first quarter. Intech Investment Management LLC now owns 80,473 shares of the semiconductor company's stock worth $4,166,000 after acquiring an additional 22,677 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Rambus by 6.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 309,512 shares of the semiconductor company's stock worth $16,025,000 after acquiring an additional 19,120 shares during the period. 88.54% of the stock is currently owned by institutional investors and hedge funds.

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.