Ambarella Inc. (AMBA) Sees Large Volume Increase
Ambarella Inc. (NASDAQ:AMBA) saw unusually-high trading volume on Wednesday . Approximately 976,523 shares traded hands during mid-day trading, an increase of 9% from the previous session’s volume of 895,974 shares.The stock last traded at $69.92 and had previously closed at $67.86.
AMBA has been the topic of a number of research analyst reports. Vetr lowered Ambarella from a “buy” rating to a “sell” rating and set a $62.36 target price on the stock. in a research report on Wednesday. Pacific Crest reissued an “overweight” rating and issued a $53.00 target price on shares of Ambarella in a research report on Monday, June 6th. Zacks Investment Research raised Ambarella from a “hold” rating to a “strong-buy” rating and set a $65.00 target price on the stock in a research report on Tuesday, August 2nd. Morgan Stanley reissued a “buy” rating and issued a $55.00 target price on shares of Ambarella in a research report on Saturday, June 4th. Finally, Deutsche Bank AG boosted their target price on Ambarella from $45.00 to $47.00 and gave the company a “hold” rating in a research report on Monday, June 6th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $71.08.
The company has a market capitalization of $2.25 billion and a P/E ratio of 38.95. The stock’s 50-day moving average is $58.60 and its 200-day moving average is $47.18.
Ambarella (NASDAQ:AMBA) last announced its quarterly earnings results on Thursday, June 2nd. The company reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.06. The company earned $57.20 million during the quarter, compared to analyst estimates of $56.26 million. The firm’s revenue for the quarter was down 19.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.71 EPS. Analysts forecast that Ambarella Inc. will post $2.37 EPS for the current fiscal year.
In other news, VP Christopher Day sold 1,173 shares of the firm’s stock in a transaction on Thursday, June 30th. The shares were sold at an average price of $50.85, for a total value of $59,647.05. Following the transaction, the vice president now owns 23,532 shares of the company’s stock, valued at approximately $1,196,602.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Leslie Kohn sold 4,675 shares of the firm’s stock in a transaction on Thursday, June 16th. The shares were sold at an average price of $51.97, for a total transaction of $242,959.75. Following the completion of the transaction, the insider now directly owns 894,162 shares in the company, valued at approximately $46,469,599.14. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Ambarella stock. New York State Common Retirement Fund raised its position in shares of Ambarella Inc. (NASDAQ:AMBA) by 9.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 45,886 shares of the company’s stock after buying an additional 3,820 shares during the period. New York State Common Retirement Fund owned 0.14% of Ambarella worth $2,558,000 at the end of the most recent quarter.
Ambarella, Inc offers semiconductor processing solutions for video that enable high-definition (HD), video capture, sharing and display. The Company operates through the development and sale of low-power, high-definition video products segment. Its system-on-a-chip designs incorporate HD video processing, image processing, audio processing and system functions onto a single chip.
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