Ambarella Sharply Lower After Pacific Crest Downgrade

Ambarella Inc (NASDAQ: AMBA) shares are trading lower by $4.10 at $60.95 early in Tuesday's session. The catalyst for the 7-percent decline appears to be the downgrade from Pacific Crest. Before the open, the company lowered its rating on the issue from Overweight to Sector Weight.

After a lower open, it had a brief bounce to $61.91 before continuing its move lower. So far, the ensuing decline has taken the issue to $60.01, and it is attempting to rebound — marking the lowest level for the issue since May 18, when it bottomed at $59.54.