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Sources: FactSet, Dow JonesĮTF Movers: Includes ETFs & ETNs with volume of at least 50,000. Stock Movers: Gainers, decliners and most actives market activity tables are a combination of NYSE, Nasdaq, NYSE American and NYSE Arca listings. Overview page represent trading in all U.S. Indexes: Index quotes may be real-time or delayed as per exchange requirements refer to time stamps for information on any delays. Copyright 2019© FactSet Research Systems Inc. Fundamental company data and analyst estimates provided by FactSet. International stock quotes are delayed as per exchange requirements. stock quotes reflect trades reported through Nasdaq only comprehensive quotes and volume reflect trading in all markets and are delayed at least 15 minutes. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.Stocks: Real-time U.S. On the date of publication, Joel Baglole held a long position in NVDA. The shares are not likely to remain on sale long. As such, investors should act now and buy NVDA stock. The underlying fundamentals at Nvidia remain rock solid and the share price should recover in time and test new highs. The current downturn in Nvidia’s stock is due largely to the broader retrenchment in tech names and has nothing to do with the company’s performance. The company’s chips are even used by cryptocurrency miners. Demand also remains strong for the graphics processing units that Nvidia makes and are used in video game consoles. The company continues to grow at a fast but sustainable clip, and demand for its products is only increasing as technology sectors such as cloud computing and artificial intelligence grow and mature. However, even without the Arm deal, Nvidia does not look to have missed a beat. after competition regulators around the world balked at the tie-up. If there is one blemish on Nvidia, it is that the company was forced to abandon its planned $40 billion acquisition of British chipmaker Arm Ltd. Nvidia CEO Jensen Huang said in a statement that Nvidia’s supply constraints continue to ease and the company’s supply of products should increase “substantially” in the second half of this year. The company forecast revenue of $8.1 billion in the first quarter that just ended, which was higher than analyst expectations of $7.29 billion. The company attributed the strong earnings to continued demand for its semiconductor chips and the easing of global supply constraints.Įqually impressive was the forward guidance Nvidia provided. Nvidia also reported revenue for Q4 of $7.64 billion, up 53% year-over-year and higher than the $7.42 billion expected on the street. The Santa Clara, California-based company announced fourth-quarter earnings per share of $1.32, which was 69% higher than a year earlier and beat the $1.22 that was expected by analysts. In mid-February, Nvidia reported another in a string of exceptionally strong earnings reports. Among 40 analysts who cover Nvidia, the average price target on the stock is currently $344.27 a share, implying 43% upside. Bank of America sees Nvidia achieving massive growth from semiconductor chip sales tied to cloud computing and artificial intelligence, while Citibank said it sees several catalysts for NVDA stock this year, including the holiday gaming season and demand for data center chips. In recent notes to clients, Bank of America (NYSE: BAC) and Citigroup (NYSE: C) each recommended Nvidia as a top semiconductor stock. Currently trading at $240.50 a share, down over 30% from its 52-week high of $346.47, Nvidia’s stock looks to be on sale right now and is one of the best technology companies that investors can buy for the long-term.
With its market leading position, strong earnings and future growth opportunities, investors should view the current pullback in NVDA stock as a buying opportunity. Down 18% year-to-date (YTD), now is a great time to buy shares of semiconductor giant Nvidia (NASDAQ: NVDA).
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