In a report released today, Quinn Bolton from Needham maintained a Hold rating on Ambarella (AMBA). The company’s shares closed yesterday at $33.75, close to its 52-week low of $30.
Bolton said:
“AMBA reported in-line F3Q19 revenue driven by Q/Q growth in both Security cameras. However, F4Q19 guidance fell short of expectations due to continued weakness in the consumer camera market and a seasonal decline in consumer Security cameras. SoCs secured their first four automotive design wins including one ADAS camera, two e-mirror designs and one level 4 AV short range stereo camera solution, with revenue contribution beginning in 2021-2022. CV22 will begin shipping to one security camera OEM in F4Q19 while most of the top 10 security camera OEMs will launch CV22-based cameras before the end of 2019. While we are encouraged by AMBA’s CV design wins, we are reducing estimates and will monitor AMBA for an opportunity to get more positive.”
According to TipRanks.com, Bolton is a 5-star analyst with an average return of 12.1% and a 61.0% success rate. Bolton covers the Consumer Goods sector, focusing on stocks such as MACOM Technology Solutions Holdings Inc, Sequans Communications S A, and Quantenna Communications.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Ambarella with a $41.20 average price target, a 22.1% upside from current levels. In a report released today, Oppenheimer also maintained a Hold rating on the stock.
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Based on Ambarella’s latest earnings release for the quarter ending July 31, the company reported a quarterly GAAP net loss of $6.88 million. In comparison, last year the company had a net profit of $11.72 million.
Based on the recent corporate insider activity of 52 insiders, corporate insider sentiment is negative on the stock.
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Ambarella, Inc. engages in the development and sale of video compression and image processing solutions. Its products include wearable cameras, flying cameras, and automotive video processing solutions. The company was founded by Feng Ming Wang and Leslie D. Kohn on January 15, 2004 and is headquartered in Santa Clara, CA.
