Citron Submarines Ambarella
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Ambarella Inc (NASDAQ: AMBA) shares are trading lower by $8.30 at $118.40. Of note, this occured after the stock traded to a new all-time high of $127.12 earlier in the session.
It's possible the reason for the sharp decline was negative commentary from Citron Research, which called the recent rally "ridiculous." The firm placed a $60 target on the issue.
The violent sell off had taken the issue to $117.91 before rebounding slightly.
If the decline continues through the current low, there may be additional support at Wednesday's low ($115.55).
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