Nvidia (NVDA) closed lower than market, but upcoming earnings are expected to show growth

From Nasdaq: 2024-10-30 17:45:18

In the latest trading session, Nvidia (NVDA) closed at $139.34, down 1.36%. The stock outperformed the S&P 500 but lagged behind the tech-heavy Nasdaq. Over the past month, NVDA gained 20.73%, surpassing the Computer and Technology sector and S&P 500. The upcoming earnings report on November 20, 2024, is expected to show significant growth in EPS and revenue.

Analysts predict Nvidia’s EPS to reach $0.74, an 85% increase from the same quarter last year, with revenue projected at $32.74 billion, up 80.69%. Full-year estimates show earnings of $2.82 per share and revenue of $124.66 billion. Recent analyst revisions indicate a positive outlook for the company’s profitability and business health.

Nvidia currently holds a Zacks Rank of #2 (Buy) and is trading at a Forward P/E ratio of 50.12, higher than the industry average of 23.78. The company also has a PEG ratio of 1.4, with Semiconductor – General stocks holding an average PEG ratio of 4.09. The industry ranks in the bottom 28% of all sectors based on Zacks Industry Rank.

Zacks has named a top semiconductor stock with significant growth potential, poised to benefit from the rising demand for AI, Machine Learning, and IoT. Global semiconductor manufacturing is projected to reach $803 billion by 2028. Investors can access more information on Zacks.com for detailed analysis and recommendations.



Read more at Nasdaq: Nvidia (NVDA) Declines More Than Market: Some Information for Investors