What's Going On With Nvidia Stock Thursday?

What's Going On With Nvidia Stock Thursday?

NVIDIA Corp NVDA shares are trading flat Thursday after the company reported mixed financial results. Several analysts are also moving in different directions following the company's report

What Happened: Nvidia said third-quarter revenue decreased 17% year-over-year to $5.93 billion, which beat average analyst estimates of $5.77 billion, according to Benzinga Pro. The company reported quarterly earnings of 58 cents per share, which missed average estimates of 69 cents per share.

"We are quickly adapting to the macro environment, correcting inventory levels and paving the way for new products," said Jensen Huang, founder and CEO of Nvidia.

Nvidia expects fourth-quarter revenue to be $6 billion, plus or minus 2%, versus estimates of $6.09 billion. 

See Also: Nvidia Stock Falls After Q2 Earnings, Sales Miss: CEO Says 'We Will Get Through This'

Analyst Assessment: 

  • Deutsche Bank maintained Nvidia with a Hold and raised the price target from $140 to $150.
  • Mizuho maintained Nvidia with a Buy and lowered the price target from $205 to $200.
  • Needham maintained Nvidia with a Buy and raised the price target from $155 to $200.
  • Morgan Stanley maintained Nvidia with an Equal-Weight and lowered the price target from $182 to $175.
  • Wedbush maintained Nvidia with a Neutral and raised the price target from $160 to $175.

NVDA Price Action: Nvidia has a 52-week high of $346.47 and a 52-week low of $108.13.

Nvidia shares traded higher following the report before pulling back Thursday morning. The stock was up 0.94% at $160.60 at time of publication.

Photo: courtesy of Nvidia.

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