What's Going On With Nvidia's Stock?

NVIDIA Corporation NVDA shares are trading higher Monday, and the stock is trending on WallStreetBets. Here's a look at what to know.

The Details:

Qualcomm, Inc. QCOM reported strong earnings last Wednesday with earnings of $2.44 per share and revenue of $9.39 billion, both above Street expectations. Qualcomm's report indicated a strong market for the entire sector and pushed other semiconductor stocks higher. 

Analysts remain bullish on Nvidia, with a consensus price target of $949.36 a share and a rating of "Buy" for the stock, with the most recent ratings citing a potential upside of 31.5% from the current price. 

Nvidia is set to report its first-quarter financial results on May 22 after the market close. According to estimates from Benzinga Pro, analysts expect the company to report earnings of $5.55 per share and quarterly revenue of $22.103 billion. 

According to data from Benzinga Pro, shares are trading above the stock’s 50-day moving average of $865.07 and near its 52-week high of $974.00. 

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NVDA Price Action: According to Benzinga Pro, Nvidia shares are up 3.33% at $917.42 at the time of publication Monday.

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