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In the Premarket trading session on Friday, Nvidia’s stock was trading at 289.94- higher by 7.08% as compared to its previous close.
The company on Thursday reported better-than-expected earnings for the fourth quarter of its 2019 fiscal year. Nvidia generated an EPS of $1.89 for the fourth quarter. The EPS was above the market expectation of $1.66. The company brought in $3.11 billion in revenue for the fourth quarter. The revenue was above the consensus estimates of $2.96 billion.
Nvidia expects $3 billion in revenue, plus or minus 2%, in the first quarter of its 2020 fiscal year. The midpoint is above the $2.86 billion Refinitiv estimates. The Santa Clara, California-based company gave an upbeat first-quarter forecast as it continues to see strong demand from cloud computing companies. Revenue from the graphics chip maker’s closely watched data jumped 42.6% to $968 million in the quarter. The revenue was above the median forecast of $829 million. Stocks of the company have gained 15.08% Year-to-date.
On the technical front, the current price is above the MA5 and the MA20. The current price is above the upper band of the Bollinger Bands and is heading upwards. The stock is expected to trade higher today.
TRADE SUGGESTION- LIMIT BUY AT 288.80 TAKE PROFIT AT 291.00 STOP LOSS AT 287.80