Nvidia Stock Price Prediction: Is it the Right Time to Buy NVDA?
About the Company: Nvidia Corporation (NASDAQ: NVDA)
Nvidia Corp is a US-based multinational Technology company, that deals in programmable graphics-processor technologies.
The Company has two segments. The Compute & Networking segment includes its data center accelerated computing platform; networking; automotive artificial intelligence (AI) cockpit, autonomous driving development; NVIDIA AI Enterprise and other software; and cryptocurrency mining processors (CMP).
The Graphics segment includes Geforce GPUs for gaming and personal computers (PCs), the GeForce NOW game streaming service and related infrastructure, and provides solutions for gaming platforms.
Nvidia Stock Price (NASDAQ: NVDA)
The Nvidia stock price closed at $455.72, it was down 1.45% on Friday, September 8. The Nvidia stock touched a 52-week high at $502.66 and a low of $108.13. Nvidia’s market cap is $1.13T.and the stock has given a return of around 220% in one year.
Nvidia’s Second Quarter Earnings
Nvidia stock price climbed after its latest second quarterly earnings on Aug. 23. The chipmaker reported $10.32 billion in data center revenue, which was up 171% year over year. Its adjusted earnings per share (EPS) soared 429% to $2.70, much higher than the consensus forecast by $0.61. Its headline numbers were impressive, and the stock still has room left to run even after rallying more than 220% since the beginning of the year.
In the second quarter, Nvidia’s sales from the data center chips accounted for 76% of its top line, as compared with just 57% of its sales a year ago. Its data center revenue surged 170% YoY in Q2, as compared with 14% growth in Q1 and 11% growth in Q4 of last year’s fiscal.
Why You Should Invest in Nvidia Stock
The solid growth of Nvidia Corp was mainly due to the fast expansion of AI markets. Nvidia’s top-tier GPUs are used in the process of making AI platforms. The rapid expansion of AI platforms will definitely boost Nvidia’s demand in the coming days.
Nvidia Corp has entered into a business partnership agreement with India’s heavyweight Reliance Industries Ltd and the Tata Group to build infrastructure-as-a-services and platform for AI services. There is a huge growth scope for the Nvidia Stock in the long term.
The revenue from the gaming division, which used to be Nvidia’s core business, increased in the second quarter by 22% compared to the previous year and beat the estimates.
With the strong demand for AI chips, Nvidia expects fiscal third-quarter revenue of about $16 billion, higher than the $12.61 billion forecast by Refinitiv. Nvidia’s guidance suggests that the sales in the current year will grow 170% as compared to the last year.
Nvidia Stock Price Prediction
According to CNN Money, 44 analysts have predicted Nvidia stock to hit the target of $622.50 – $1100 in a 12-month period with an estimated 32% increase in a year. The Nvidia stock has support at $404- $392. One can enter this stock at around $450-$455 levels for the above target.
Also, read- Global Stock Market – Weekly News and Analysis Report
US Markets LIVE: Dow and Nasdaq Composite Index 8 Sept 2023
If you like the post “Nvidia Stock Price Prediction: Is it the Right Time to Buy NVDA?” please share it with your friends and others
Happy Investing!
Editor’s Desk
Disclaimer-
Nifty50Stocks.com has taken due care and caution in compiling its website data. The views and investment tips expressed by investment experts on Nifty50Stocks.com are their own and for educational purposes. However, Nifty50Stocks.com does not guarantee the accuracy, adequacy, or completeness of any information. Nifty50stocks.com is not responsible for any errors or omissions or the results obtained from the use of such information. Nifty50Stocks.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
