NVIDIA (NVDA - Free Report) shares soared 5.6% in the last trading session to close at $608.36. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 10.8% gain over the past four weeks.
The share-price rally accelerated after NVIDIA’s CFO Colette Kress said during the company’s annual GPU Technology Conference event that its first-quarter fiscal 2021 revenues will likely exceed the previous guidance of $5.3 billion. Kress stated that the company is witnessing broad-based strength with all of its segments driving upside to the initial outlook.
Price and Consensus
This maker of graphics chips for gaming and artificial intelligence is expected to post quarterly earnings of $3.22 per share in its upcoming report, which represents a year-over-year change of +78.9%. Revenues are expected to be $5.32 billion, up 72.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Nvidia, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on NVDA going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
NVIDIA (NVDA - Free Report) shares soared 5.6% in the last trading session to close at $608.36. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 10.8% gain over the past four weeks.
The share-price rally accelerated after NVIDIA’s CFO Colette Kress said during the company’s annual GPU Technology Conference event that its first-quarter fiscal 2021 revenues will likely exceed the previous guidance of $5.3 billion. Kress stated that the company is witnessing broad-based strength with all of its segments driving upside to the initial outlook.
Price and Consensus
This maker of graphics chips for gaming and artificial intelligence is expected to post quarterly earnings of $3.22 per share in its upcoming report, which represents a year-over-year change of +78.9%. Revenues are expected to be $5.32 billion, up 72.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Nvidia, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on NVDA going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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