Why Ambarella Technologies Stock Popped 7% Today
Ambarella (NASDAQ: AMBA) stock soared nearly 19% Wednesday morning after reporting a strong earnings beat last night. The stock has since given back about half its gains, but as of 11:20 a.m. ET is still up 7.7%.
Analysts had forecast Ambarella to earn $0.04 per share on $79 million in sales. In fact, the company reported Q3 earnings of $0.11 per share, and sales of $82.6 million. Adding to the good news, Ambarella raised guidance for Q4 sales.
Once upon a time, Ambarella was known as a maker of semiconductor chips for "action cameras" (think GoPros and similar action cams). That market seems to be going nowhere, however, and Ambarella has since pivoted to portray itself as an artificial intelligence (AI) stock, specializing in "edge AI semiconductors" and adopting the "AI envisioned" tag line for its products.
Source Fool.com
Ambarella Inc. Stock
Ambarella Inc. is currently one of the favorites of our community with 18 Buy predictions and no Sell predictions.
As a result the target price of 86 € shows a slightly positive potential of 19.44% compared to the current price of 72.0 € for Ambarella Inc..
