Ambarella Crosses $50

Ambarella Inc AMBA shares are trading higher by $2.35 (5 percent) at $50.82. The issue has been on a tear since June 2, when a better-than-expected Q1 report set the stage for the rally.

The report propelled the issue from its June 2 close ($42.48) to $46.47 the following session. After pausing for one day, the issue added $2 on Tuesday and has followed through in today's session.

After a flat open, it quickly found support just under Tuesday's close ($48.47), bottoming at $48.20 before turning higher. So far, it has reached $51.31 and is not far off that level.

That marks the highest level for the issue since January 4 at $52.57. The last time it closed above $50 was on January 7, when it ended the session at $50.34.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: TechnicalsIntraday UpdateMoversTrading Ideas
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!