Canaccord Genuity Initiates Coverage on NVIDIA (NVDA)
Research analysts at Canaccord Genuity initiated coverage on shares of NVIDIA (NASDAQ:NVDA) in a report released on Tuesday. The firm set a “hold” rating and a $19.00 price target on the stock. Canaccord Genuity’s price objective points to a potential downside of 0.26% from the company’s current price.
A number of other firms have also recently commented on NVDA. Analysts at ING Group upgraded shares of NVIDIA from a “strong sell” rating to a “sell” rating in a research note on Monday, May 19th. Separately, analysts at RBC Capital upgraded shares of NVIDIA from a “sector perform” rating to an “outperform” rating in a research note on Monday, May 19th. They now have a $26.00 price target on the stock, up previously from $21.00. Finally, analysts at Zacks reiterated a “neutral” rating on shares of NVIDIA in a research note on Wednesday, May 14th. They now have a $19.00 price target on the stock. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $18.98.
Shares of NVIDIA (NASDAQ:NVDA) traded up 0.52% during mid-day trading on Tuesday, hitting $19.15. The stock had a trading volume of 4,098,707 shares. NVIDIA has a 52 week low of $13.11 and a 52 week high of $19.46. The stock’s 50-day moving average is $18.61 and its 200-day moving average is $17.33. The company has a market cap of $10.685 billion and a price-to-earnings ratio of 22.36.
NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.29 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.17 by $0.12. The company had revenue of $1.10 million for the quarter, compared to the consensus estimate of $1.06 million. During the same quarter in the prior year, the company posted $0.13 earnings per share. The company’s quarterly revenue was up 15.5% on a year-over-year basis. On average, analysts predict that NVIDIA will post $0.92 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, June 13th. Shareholders of record on Thursday, May 22nd will be paid a dividend of $0.085 per share. This represents a $0.34 annualized dividend and a dividend yield of 1.78%. The ex-dividend date is Tuesday, May 20th.
In other NVIDIA news, CAO David M. Shannon sold 2,446 shares of the stock on the open market in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $18.83, for a total transaction of $46,058.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
NVIDIA Corporation (NASDAQ:NVDA) is engaged in creating the graphics chips used in personal computers (PCs).
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