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The latest trading session saw Nvidia (NVDA - Free Report) ending at $457.51, denoting a +1.66% adjustment from its last day's close. This change outpaced the S&P 500's 0.18% gain on the day. At the same time, the Dow added 0.1%, and the tech-heavy Nasdaq gained 0.3%.
Shares of the maker of graphics chips for gaming and artificial intelligence witnessed a loss of 1.65% over the previous month, trailing the performance of the Computer and Technology sector with its gain of 3.65% and the S&P 500's gain of 3.08%.
Market participants will be closely following the financial results of Nvidia in its upcoming release. The company plans to announce its earnings on November 21, 2023. On that day, Nvidia is projected to report earnings of $3.34 per share, which would represent year-over-year growth of 475.86%. In the meantime, our current consensus estimate forecasts the revenue to be $16.12 billion, indicating a 171.72% growth compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $10.74 per share and a revenue of $54.4 billion, indicating changes of +221.56% and +101.69%, respectively, from the former year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Nvidia. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.04% increase. Currently, Nvidia is carrying a Zacks Rank of #1 (Strong Buy).
From a valuation perspective, Nvidia is currently exchanging hands at a Forward P/E ratio of 41.9. This represents a premium compared to its industry's average Forward P/E of 18.87.
Meanwhile, NVDA's PEG ratio is currently 3.1. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. Semiconductor - General stocks are, on average, holding a PEG ratio of 2.7 based on yesterday's closing prices.
The Semiconductor - General industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 35, positioning it in the top 14% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Nvidia (NVDA) Laps the Stock Market: Here's Why
The latest trading session saw Nvidia (NVDA - Free Report) ending at $457.51, denoting a +1.66% adjustment from its last day's close. This change outpaced the S&P 500's 0.18% gain on the day. At the same time, the Dow added 0.1%, and the tech-heavy Nasdaq gained 0.3%.
Shares of the maker of graphics chips for gaming and artificial intelligence witnessed a loss of 1.65% over the previous month, trailing the performance of the Computer and Technology sector with its gain of 3.65% and the S&P 500's gain of 3.08%.
Market participants will be closely following the financial results of Nvidia in its upcoming release. The company plans to announce its earnings on November 21, 2023. On that day, Nvidia is projected to report earnings of $3.34 per share, which would represent year-over-year growth of 475.86%. In the meantime, our current consensus estimate forecasts the revenue to be $16.12 billion, indicating a 171.72% growth compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $10.74 per share and a revenue of $54.4 billion, indicating changes of +221.56% and +101.69%, respectively, from the former year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Nvidia. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.04% increase. Currently, Nvidia is carrying a Zacks Rank of #1 (Strong Buy).
From a valuation perspective, Nvidia is currently exchanging hands at a Forward P/E ratio of 41.9. This represents a premium compared to its industry's average Forward P/E of 18.87.
Meanwhile, NVDA's PEG ratio is currently 3.1. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. Semiconductor - General stocks are, on average, holding a PEG ratio of 2.7 based on yesterday's closing prices.
The Semiconductor - General industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 35, positioning it in the top 14% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.