Cramer: Ambarella Will Grow From Drones, Not GoPro

Shares of

continued its post-earnings surge on Monday, trading at new all-time highs of $111.88, up more than 7 percent on the day. Shares have now fallen slightly, but are still up nearly 5 percent. Ambarella reported its first quarter results last week, which jolted shares higher from the mid-$90 range to solidly trade above the $100 mark. Shares have more than doubled since ending 2015 at $46.33. The company is a developer of semiconductor processing solutions for video that enable high-definition, video capture, sharing and display. The company's products can be found in

's line of action cameras, but can also be found in action cameras from other manufactures (such as China-based Xiaomi) and drones. Speaking during CNBC's

segment, Jim Cramer noted that investors weren't initially impressed with Ambarella's recent quarter, despite the revenue and earnings beat. He continued and pointed out investors "have steadily begun to realize" how great a quarter it actually was as shares have risen more than 20 percent over the past five trading sessions. Cramer commented that Ambarella's attractiveness is likely attributed to the fact that it is not a "one trick pony" that is tied to the hip with GoPro. Instead, the company has exposure to the much more attractive drone market. "I think drones are gigantic and commercial," Cramer argued. "People are understanding drones." The CNBC host pointed out the drones have plenty of uses ranging from weather, military and even pipeline monitoring. As such, Ambarella has plenty of growth ahead of itself, even if its stock is not cheap.