Hedge fund manager Cathie Wood benefits from NvidiaNasdaq: NVDA) Stocks rise. NVDA shares continue to sell off, ahead of fourth-quarter earnings Wall Street Journal mentioned. Notably, Nvidia shares are up nearly 47% year-to-date. Moreover, it has risen by approximately 252% in one year. The chip giant will announce its financial results for the fourth quarter of fiscal year 2024 on February 21.
Talking to magazineWood said NVIDIA is the leader in artificial intelligence (AI). However, she believes NVDA is a cyclical stock and expects increased competition and a stock correction to pose challenges. Wood confirmed that she recently sold Nvidia stock worth about $4.5 million.
Nvidia Stock: Analysts' price targets increased
While Wood is selling NVDA shares, analysts are bullish on its prospects, with several analysts increasing their price targets and maintaining a bullish stance.
On February 16, analysts from Wedbush (price target rose to $800 from $600), Wells Fargo (price target rose to $840 from $675), Barclays (price target rose to $850 from $650), and Oppenheimer (price target rose to Target to $850 from $650). ). These analysts expect NVDA to post strong profits and provide a promising outlook for the full year.
Nvidia – Q4 Consensus Estimate
Analysts expect Nvidia to generate revenue of $20.37 billion, which would represent a significant increase from the $6.05 billion reported in the previous quarter. Strong momentum in the data center business, led by demand for AI computing, will support the company's growth.
The significant increase in sales will likely cushion the bottom line in the fourth quarter. Wall Street expects NVDA to report earnings of $4.59 per share in the fourth quarter, compared to $0.88 in the same quarter a year earlier.
Is Nvidia stock a buy, sell or hold?
Nvidia stock has a Strong Buy consensus rating based on 37 Buy recommendations and three Hold recommendations. However, given the significant upside in its shares, analysts' average price target of $746.91 suggests a potential upside of 2.86% from current levels.
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