Nvidia Stock Snags Fresh High After Bull Notes

Susquehanna and Oppenheimer both hiked their price targets on the stock

Deputy Editor
May 18, 2023 at 9:58 AM
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Nvidia Corporation's (NASDAQ:NVDA) yesterday closed at their highest level since January 2022 -- of $301.78. Investors are excited about the company's advancement in the artificial intelligence (AI) space, and yesterday was no different, with Nvidia announcing a partnership with ServiceNow to build generative AI for automating internal enterprise IT systems.

The news is exciting analysts, with Oppenheimer and Susquehanna both raising their price targets to $350. In response to the bull notes, Nvidia stock has surpassed its aforementioned high right out of the gate, last seen up 1.6% at $307.90. Looking to score its fourth-straight daily win, Nvidia stock boasts a 106.5% year-to-date lead. Further, the equity is looking to score its fourth winning week in five. 

Coming into today, the majority of analysts were already bullish, but there's room for some to change their tune. Specifically, the 12-month average target price of $292.35 is a 4.3% discount to last night's close. What's more, six of 31 covering brokerages rated NVDA a tepid "hold."

In the options pits, short-term traders have been unusually put-biased. This is per the security's Schaeffer's put/call open interest ratio (SOIR) of 1.17, which stands in the elevated 75th percentile of annual reading. 

Volatility expectations are low, according to Nvidia stock's Schaeffer's Volatility Index (SVI) of 46% that ranks higher than 28% of readings from the past 12 months. What's more, the equity's Schaeffer's Volatility Scorecard (SVS) sits at 79 out of 100, which implies that NVDA has exceeded volatility expectations over the past year.


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