Why Artificial Intelligence (AI) Stock Ambarella Was Marching Higher This Week

Motley Fool08-30

The chipmaker, which specializes in edge AI products, delivered a better-than-expected second quarter. It also notched a convincing beat on quarterly revenue guidance. The news has been very ...

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According to data compiled by S&P Global Market Intelligence, as of Friday before market open Ambarella's share price was up a mighty 19% week to date. Solid quarterly results, a series of analyst price target raises, and the decline of a peer stock helped Ambarella defy gravity.Double beat for the second quarterAmbarella's quarterly earnings report was -- at least in the Monday-Thursday stretch -- the major market-shaking piece of news for the company. That report revealed Ambarella booked sales of almost $64 million in its second quarter of fiscal 2025, ended July 31, only 3% higher year-over-year but comfortably above the average analyst estimate. There was improvement on the bottom line too, with non-GAAP (adjusted) net loss narrowing to $5.5 million ($0.13 per share) from the year-ago deficit of $6 million. On average, analysts tracking Ambarella stock were estimating the company's revenue would be just over $62 million, accompanied by a per-share adjusted net loss of $0.19. Investors liked the double beat, not to mention the third-quarter revenue guidance that also topped expectations. So did more than a few analysts. A clutch of them wasted little time in raising their price targets on Ambarella shares.AI stock bargain hunting?Ambarella's latest earnings release came a mere one day before that of a larger and more prominent hardware company closely identified with AI, Nvidia. Although Nvidia also reported a good quarter, expectations for that stock were far more ambitious, and since reporting earnings it has traded down. 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