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.
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