Ambarella, Inc. Expected to Earn Q3 2024 Earnings of ($1.06) Per Share (NASDAQ:AMBA)

Posted by Defense World Staff on Oct 5th, 2023

Ambarella, Inc. (NASDAQ:AMBA – Free Report) – Equities research analysts at Northland Capmk issued their Q3 2024 earnings estimates for shares of Ambarella in a report released on Tuesday, October 3rd. Northland Capmk analyst G. Richard forecasts that the semiconductor company will post earnings of ($1.06) per share for the quarter. The consensus estimate for Ambarella’s current full-year earnings is ($3.57) per share. Northland Capmk also issued estimates for Ambarella’s Q4 2024 earnings at ($1.06) EPS and FY2024 earnings at ($3.76) EPS.

Ambarella (NASDAQ:AMBA – Get Free Report) last announced its earnings results on Tuesday, August 29th. The semiconductor company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.06. The business had revenue of $62.10 million during the quarter, compared to the consensus estimate of $62.02 million. Ambarella had a negative net margin of 33.72% and a negative return on equity of 14.39%. The business’s revenue for the quarter was down 23.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.51) earnings per share.

Other analysts have also issued reports about the stock. Morgan Stanley reduced their price objective on shares of Ambarella from $89.00 to $81.00 and set an “overweight” rating for the company in a research note on Wednesday, August 30th. Northland Securities initiated coverage on shares of Ambarella in a report on Monday, September 18th. They issued an “outperform” rating and a $70.00 price objective on the stock. Needham & Company LLC reduced their price objective on Ambarella from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, August 30th. TD Cowen cut Ambarella from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $90.00 to $65.00 in a report on Wednesday, August 30th. Finally, StockNews.com began coverage on Ambarella in a report on Thursday, August 17th. They set a “sell” rating for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $83.90.

View Our Latest Analysis on AMBA

Ambarella Price Performance

Shares of NASDAQ:AMBA opened at $52.68 on Wednesday. The company has a market capitalization of $2.10 billion, a PE ratio of -21.07 and a beta of 1.57. The business has a fifty day moving average price of $65.65 and a 200-day moving average price of $71.95. Ambarella has a 1-year low of $49.02 and a 1-year high of $99.86.

Institutional Investors Weigh In On Ambarella

Institutional investors have recently modified their holdings of the business. White Pine Capital LLC grew its holdings in Ambarella by 1.4% in the fourth quarter. White Pine Capital LLC now owns 7,669 shares of the semiconductor company’s stock valued at $631,000 after purchasing an additional 107 shares during the period. Prudential Financial Inc. lifted its stake in shares of Ambarella by 4.9% in the second quarter. Prudential Financial Inc. now owns 3,406 shares of the semiconductor company’s stock worth $232,000 after buying an additional 159 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Ambarella by 5.3% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 3,473 shares of the semiconductor company’s stock valued at $269,000 after acquiring an additional 175 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Ambarella by 5.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,715 shares of the semiconductor company’s stock worth $390,000 after acquiring an additional 181 shares during the period. Finally, Daiwa Securities Group Inc. raised its position in shares of Ambarella by 24.4% during the 1st quarter. Daiwa Securities Group Inc. now owns 939 shares of the semiconductor company’s stock valued at $73,000 after buying an additional 184 shares during the period. 79.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Ambarella

In other news, CFO Brian C. White sold 3,274 shares of the stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $57.30, for a total value of $187,600.20. Following the transaction, the chief financial officer now directly owns 77,497 shares of the company’s stock, valued at $4,440,578.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Chi-Hong Ju sold 4,251 shares of the company’s stock in a transaction dated Friday, July 7th. The stock was sold at an average price of $81.81, for a total value of $347,774.31. Following the sale, the vice president now owns 170,349 shares in the company, valued at $13,936,251.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian C. White sold 3,274 shares of the firm’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $57.30, for a total transaction of $187,600.20. Following the sale, the chief financial officer now directly owns 77,497 shares in the company, valued at approximately $4,440,578.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,112 shares of company stock worth $1,143,278. Insiders own 5.90% of the company’s stock.

About Ambarella

(Get Free Report)

Ambarella, Inc develops semiconductor solutions that enable high-definition (HD) and ultra HD compression, image processing, and deep neural network processing worldwide. The company's system-on-a-chip designs integrated HD video processing, image processing, artificial intelligence computer vision algorithms, audio processing, and system functions onto a single chip for delivering video and image quality, differentiated functionality, and low power consumption.