Nvidia (NASDAQ:NVDA) stock isn’t performing the best today, but investors are still hopeful that it will make a massive surge soon.
Let’s take a look at what investors need to know about NVDA share prices and why investors are bullish on the stock below.
- The biggest news today is the company’s earnings report for the first quarter of fiscal 2022.
- This saw it bringing in adjusted earnings per share of $3.66.
- That’s worth noting as it easily beat out Wall Street’s adjusted EPSestimate of $3.28.
- The company’s revenue of $5.66 billion was also a boon to the company.
- It came in well above analysts’ revenue estimates of $5.41 billion for the quarter.
- Nvidia notes that it saw revenue from its Gaming business come in at $2.07 billion.
- That’s worth pointing out as it’s a 106% gain over revenue in the segment from the same time last year.
- The company’s Data Center revenue also jumped 79% year-over-year to $2.05 billion.
- While it’s true that NVDA stock is experiencing a selloff on strong earnings today, that doesn’t mean it will stay down.
- Investors are hopeful that the company will regain that lost value and continue to rise alongside a strong outlook for Q2 of fiscal 2022.
- That includes revenue of $6.30 billion with a plus or minus of 2%.
- Wall Street’s revenue estimate for the period is $5.5 billion.
- NVDA is already seeing strong movement today.
- That has more than 7 million shares changing hands.
- This is approaching the stock’s daily average trading volume of 8.1 million shares.
NVDA stock was down slightly as of Thursday morning. However, the stock is up 19.1% since the start of the year.
While NVDA may not be performing in the best, plenty of other stocks are seeing major gains today.
There’s a multitude of reasons behind this, such as interest from Reddit traders and major deals being signed. A few examples that you should check out are Beyond Meat (NASDAQ:BYND), Vertex Energy (NASDAQ:VTNR), and Zosano Pharma (NASDAQ:ZSAN). You can read all about what has these stocks moving below.
More Thursday Stock Market News
- BYND Stock: 6 Things to Know About Beyond Meat as It Becomes a Reddit Favorite
- VTNR Stock: The Big News That Has Vertex Energy Shares Rocketing Today
- ZSAN Stock: Why Zosano Pharma Is Racing Higher Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.