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Reporter Name | Schwarting Elizabeth M |
Relationship | Director |
Type | Sell |
Amount | $12,757 |
SEC Filing | Form 4 |
Elizabeth M Schwarting, a Director at Ambarella, sold 240 Ordinary Shares on September 16, 2024, at a price of $53.1561 per share, totaling $12,757. Following the transaction, Schwarting directly owns 9,068 Ordinary Shares of Ambarella.
SEC Filing: AMBARELLA INC [ AMBA ] - Form 4 - Sep. 18, 2024
Ambarella AMBA shares have plunged 13% year to date (YTD) against the Zacks Computer and Technology Sector and S&P 500 index’s return of 19.9% and 18%, respectively.
Ambarella stock has also underperformed the Zacks Electronics - Semiconductors industry’s growth of 23.6% in the same time frame.
Here’s Why AMBA Shares Are Tumbling
Ambarella is grappling with several headwinds, including the slowdown of electric vehicle (EV) market growth. Per a Forbes report, the EV market is expected to grow 16% in 2024 compared with 64% in 2023. Ambarella supplies several of its products for the EV category and Advanced Driver Assistance System, which include central domain controllers, cabin monitoring system, driver monitoring system, electronic mirrors and automotive video recorders. The slump in the EV automotive category has been a major concern for AMBA.
Ambarella is also facing demand curb among its customers. Ambarella’s system on chips (SoC) is used in Internet of Things (IoT) devices alongside automobiles. These customers are going through inventory accumulation that needs time to clean up. This has created a weakened demand for Ambarella’s products.
Ambarella has long been facing a slowdown in sales of its high-margin action cameras after its loss of business from GoPro and persistent softness in the drone market. This is hurting its top line growth. All these factors have contributed to investors’ weariness, causing the stock to underperform the broader tech sector.
Ambarella YTD Performance
AI and VR Can be AMBA’s Savior
AMBA is making steady progress in the development and delivery of computer video solutions based on artificial intelligence (AI) SoCs, branded as CVFlow. The company’s CVFlow architecture-based AI inference processors, including CV3, CV2, CV5, CV25 and CV22 SoCs, are attracting positive consumer feedback. Contribution to total revenues from these SoCs increased to 60% in fiscal 2024, and AMBA expects the CV family to be the key driver of its revenue growth in fiscal 2025.
In a bid to decrease its reliance on GoPro, Ambarella has forayed beyond it and has also contributed to products like dash cams by Garmin GRMN. AMBA has also entered into the Virtual Reality (VR) camera space expanding its product portfolio in the high-end VR camera space.
Competitive Challenges for AMBA
While Ambarella is getting a lift from the use of its SoCs inside Garmin’s Dashcam 46, 56, 66 and Dashcam Mini, AMBA faces stiff competition from NVIDIA NVDA in the AI and IoT marketplace and Qualcomm QCOM in the Automotive market.
AMBA’s CV2 is in direct competition with NVIDIA’s Xavier chips. Its automotive chips also compete with Qualcomm’s Snapdragon 602 Automotive Platform.
Here’s What Investors Should Do
Ambarella is facing a mixed bag of challenges from the slowdown of the automotive space, stiff competition and inventory accumulation of its customers. However, demand for its CVFlow chips from the AI market still gives it some hope. The Zacks Value score of F suggests that AMBA is overvalued at present. We suggest investors to wait for a better entry time. AMBA currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
These seven mid-cap stocks were the best performers in the last week. Are they in your portfolio?
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Photo by Sundry Photography via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Wall Street faces a wave of risk-off sentiment on Wednesday, as traders adopt a cautious stance ahead of NVIDIA Corp. earnings, which are set to be released after the market close.
At midday trading in New York, all major equity indices were in the red, weighed down by broad declines in chipmakers and tech stocks.
The iShares Semiconductor ETF fell 2%, underperforming the broader tech-heavy Nasdaq 100, down 1.1%.
The CBOE Volatility Index or VIX, a key barometer of the fear in the market, rose 8%.
As the last of the Magnificent Seven megacaps to report earnings, Nvidia’s results are viewed as a crucial indicator of whether the recent market rebound has more room to run, potentially pushing toward new all-time highs, or if it’s time for investors to dial back risk.
Key metrics to watch include whether Nvidia surpasses the projected $28.7 billion in quarterly revenue — a staggering 156% increase from the same quarter last year — and $0.645 earnings per share, more than triple from the same period in 2022.
Nvidia’s forward guidance will also be critical, as investors seek insight into the demand for its leading AI-related chips and any challenges posed by China.
In a significant achievement during Wednesday’s session, Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRK) reached the milestone of a $1 trillion market valuation.
The U.S. dollar is showing a modest recovery, up 0.4% after closing Tuesday at its lowest level since July 2023. Treasury yields remain stable, while gold is struggling, down 0.6%, with silver experiencing a sharper 2% decline.
Oil prices continue to fall, with WTI crude down 1.3%, as traders unload the risk premium amid easing geopolitical tensions in the Middle East and less concerning Libyan production disruptions than initially feared.
Bitcoin remains under pressure, down 1% to $58,850, following a more than 7% decline over the past two sessions.
Wednesday’s Performance In Major U.S. Indices, ETFs
Major Indices | Price | Chg % |
Dow Jones | 41,053.09 | -0.5% |
S&P 500 | 5,592.49 | -0.6% |
Russell 2000 | 2,191.39 | -0.6% |
Nasdaq 100 | 19,362.15 | -1.1% |
According to Benzinga Pro data:
Wednesday’s Stock Movers
Read Now:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
U.S. stocks were mixed, with the Dow Jones index gaining around 50 points on Wednesday.
Shares of Kohl’s Corporation rose during Wednesday's session following better-than-expected second-quarter financial results.
The company reported a net sales decline of 4.2% Y/Y to $3.525 billion, with comparable sales for the quarter decreasing 5.1% Y/Y. Total revenue stood at $3.732 billion. The analyst consensus estimate was $3.583 billion. EPS was 59 cents, beating the analyst consensus estimate of 44 cents.
Kohl’s shares climbed 5.6% to $20.71 on Wednesday.
Here are some other big stocks recording gains in today's session.
Now Read This:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ambarella, Inc. shares are trading higher Wednesday after the company posted better-than-expected second-quarter results. Here's a look at the details from the report.
The Details:
Ambarella beat analyst expectations on the top and bottom lines with quarterly losses of 13 cents per share and revenue of $63.724 million.
Read Next: Kerrisdale Capital Is Short Lumen Technologies: Here’s What To Know
“In our second quarter, we achieved record revenue for our edge AI inference products, and we are anticipating double-digit sequential growth in our total revenue for the third quarter,” said Fermi Wang, President and CEO.
“Company specific drivers are more than offsetting the mixed global economic environment. We are now realizing initial revenue ramps from certain IoT and Automotive customers, especially from our new products. "
Multiple analysts updated coverage on Ambarella following the print:
AMBA Stock Prediction 2024:
Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.
Shares of Ambarella have an average 1-year price target of $78.08, representing an expected upside of 47.91%.
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Ambarella, while 10 analysts have bullish ratings. The street high price target from Needham is $90, while the street low from Wells Fargo is $55.
AMBA Price Action: According to Benzinga Pro, Ambarella shares are up 12.7% at $59.47 at the time of publication Wednesday.
Read Also:
Image: Courtesy of Ambarella, Inc.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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