NVIDIA Trading 6.9% Higher on Better-Than-Expected Earnings (NVDA)
Shares of NVIDIA (NASDAQ:NVDA) traded up 6.9% on Friday after the company announced better than expected quarterly earnings, Stock Ratings News reports. The stock traded as high as $18.90 and last traded at $18.66, with a volume of 14,397,256 shares traded. The stock had previously closed at $17.46.
The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.10. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter in the previous year, the company posted $0.16 earnings per share. The company’s revenue for the quarter was up 12.9% on a year-over-year basis.
The company also recently declared a quarterly dividend, which is scheduled for Friday, September 12th. Investors of record on Thursday, August 21st will be given a dividend of $0.085 per share. This represents a $0.34 dividend on an annualized basis and a yield of 1.95%.
NVDA has been the subject of a number of recent research reports. Analysts at Morgan Stanley reiterated an “underperform” rating on shares of NVIDIA in a research note on Friday. They now have a $15.00 price target on the stock, up previously from $14.00. Separately, analysts at Needham & Company LLC upgraded shares of NVIDIA from a “hold” rating to a “buy” rating in a research note on Friday. They now have a $23.00 price target on the stock. Finally, analysts at Zacks upgraded shares of NVIDIA from a “neutral” rating to an “outperform” rating in a research note on Thursday, July 17th. They now have a $23.00 price target on the stock. Six equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $19.50.
In other NVIDIA news, CAO David M. Shannon sold 2,445 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $17.66, for a total value of $43,178.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
The stock has a 50-day moving average of $18.48 and a 200-day moving average of $18.17. The company has a market cap of $10.520 billion and a P/E ratio of 20.49.
NVIDIA Corporation (NASDAQ:NVDA) is engaged in creating the graphics chips used in personal computers (PCs).
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