Ahead of Nvidia Earnings, Here's What Barchart Data Says Comes Next for NVDA Stock
Ahead of Nvidia's Q2 earnings, Barchart data suggests a bullish outlook for NVDA stock. The company is projected to report $2.01 earnings per share (EPS), more than double last year's figures, despite a recent price drop. NVDA shares have gained nearly 15% year-to-date. Soros Fund Management recently opened a position in Nebius during Q2, indicating confidence in NBIS stock.
Key events to watch this week include Nvidia earnings, the Jackson Hole gathering, and other significant happenings. Barchart data indicates strong bullish technical setups ahead of the earnings release, with NVDA trading above major moving averages and the relative strength index (RSI) in the low 50s. The put-to-call ratio of 0.69x on contracts expiring Aug.
28 further supports the optimistic sentiment. BMO Capital Markets recommends buying Nvidia shares, and analyst Harsh Kumar has a $340 price target, suggesting a nearly 60% upside from the current level. With a forward earnings multiple of 18x and a 0.47% dividend yield, NVDA presents a compelling long-term investment opportunity.
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