What's Going On With Nvidia Stock? Earnings Ahead

NVIDIA Corporation NVDA shares are trading higher Monday after analysts raised their price targets on the stock ahead of the company's upcoming earnings report.

The Details:

HSBC analyst Frank Lee maintained Nvidia with a Buy and raised the price target from $600 to $780.

Keybanc analyst John Vinh maintained Nvidia with an Overweight and raised the price target from $550 to $620. Investors' sentiment toward Nvidia is positive, due to its “unmatched position in preemptively monetizing generative AI trends,” the analyst said.

Wedbush analyst Daniel Ives said that Nvidia's earnings report will be, “another clear sign from Nvidia with robust guidance that enterprise demand is skyrocketing for AI buildouts and will be key data points that further validate our tech bull thesis playing out into 2024.”

The analysts' updates come ahead of Nvidia's highly anticipated release of its second-quarter financial reports. Nvidia will release its second-quarter earnings on Wednesday after market close and will host a conference call to discuss the results at 5:00 p.m. ET the same day. The company is expected to report earnings of $2.07 per share and quarterly revenue of $11.17 billion, according to estimates from Benzinga Pro.

Wall Street is buzzing with anticipation of the earnings report, and NVDA shares are moving higher on heavy trading volume. According to Benzinga Pro, more than 24.8 million shares have been traded in the session, compared to the stock's 100-day average of 51.202 million shares.

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NVDA Price Action: According to Benzinga Pro, Nvidia Corporation shares are up nearly 4.57% at $452.76 at the time of publication.

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