Nvidia’s Stock Is Moving ahead of Its Earnings Report This Week

Nvidia stock is elevated leading into its Wednesday earnings report for the quarter, and analysts are adjusting their predictions higher.

Written by: Timothy St. John • Monday, May 20, 2024 • 1 min read

• Last updated: Monday, May 20, 2024

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On Wednesday, Nvidia (NVDA) will be releasing its quarterly earnings report. The AI company has had an incredible year, and investors are looking forward to what the report will show.

Stock markets reversed brutally after reaching now ATH on Friday, led by Nvidia — Nvidia could be heading into a major stock increase.

In anticipation, the NVDA stock has gone up by 1.33% in premarket trading for Monday. The market expects Nvidia to do very well, and remember, this was the same stock that climbed 239% in 2023 and does not seem to be slowing down for 2024.

The quarterly report is Nvidia’s chance to shine and show its growth, and analysts are weighing in on what they expect from the stock. Several analysts have already raised their predictions for the stock this week, just ahead of the quarterly report.

The target from analyst firm Barclays on Monday increased from $850 to $1,100. They believe that even now Nvidia is underappreciated and could grow much faster and higher than expected.

Analysts at Baird say that the stock could hit $1,200, which is up from their previous target of $1,050. The analysts are increasing their target based on very strong data coming from the market for AI-related stocks and the high demand for the kind of products that Nvidia makes.

What to Know about Nvidia ahead of Its Report

Nvidia holds an important position in the tech market, not as a consumer of AI-tech but as a creator. They craft what the other tech stocks are using, so their contribution is significant, and the room for growth is directly based on how well other companies are doing that are using their products.

Nvidia is shortening lead times of product development and manufacturing, which should help them meet shipment goals and meet the rising demand for AI products. The company expects very strong growth in 2025 and has already raised their forecast for this year.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.