Ambarella Could Spike 24 Percent, Vetr Crowd Says

Shares of Ambarella Inc AMBA have gained more than 33 percent over the past three months, recuperating much of the ground lost in January and early February. However, the stock is still down more than 7 percent year-to-date.

The Vetr crowd seem to think the stock could breakout, as evidenced by its average price target of $64.92, which implies a potential return of roughly 24 percent from current valuations.

Related Link: Here's How Crowdsourced Ratings Can Beat The Market

Seeking to better reflect this upside potential, the Vetr community decided to upgrade its rating on Amabrella’s stock on Wednesday, from 3.0 Stars (Hold) to 5.0 Stars (Strong Buy) - out of a possible 5.0 Stars rating.

However, it should be noted that only 66 percent of the crowd's ratings are bullish at the time, meaning that only now has the crowd begun to feel more optimistic.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above