Nvidia Stock Hits All-Time High After Q4 Report

Options traders and analysts are piling on after the results

Deputy Editor
Feb 22, 2024 at 10:51 AM
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There was a lot of hype surrounding Nvidia Corp's (NASDAQ:NVDA) fourth-quarter earnings, and the semiconductor giant delivered. Shares are up 15.3% at $777.62 at last check, and earlier hit a record high of $779, after the artificial intelligence (AI) boom drove results higher than analysts expected. Nvidia recorded adjusted earnings of $5.16 per share on revenue of $22.1 billion, and also lifted its revenue outlook for the current quarter.

The AI buzz has helped tech stocks to a great year already, and analysts at Deutsche Bank just noted that "Magnificent Seven" members now wield greater financial strength than all companies listed in other G20 countries, except the U.S., China, and Japan. The chip name's quarterly results are lifting other Big Tech stocks as well, with sector peers Advanced Micro Devices (AMD) and Intel (INTC) enjoying a bump.

Additionally, the tech-heavy Nasdaq Composite Index (IXIC) is up more than 250 points at last check, and the S&P 500 Index (SPX) just nabbed a record high. NVDA is looking to snap a four-day losing streak, and now boasts a 274.5% year-over-year lead and 57% year-to-date gain -- well above advances seen in the iShares Semiconductor ETF (SOXX).

Unsurprisingly, options traders and analysts are rushing to get in on the price action.

Total options volume is already running at double the intraday average, with 813,000 calls and 524,000 puts traded so far today. Most popular is the weekly 2/23 800-strike call.

No fewer than 16 analysts lifted NVDA's price target in response, including Rosenblatt to a Wall Street high of $1,400 from $1,100. The brokerage bunch was already staunchly optimistic, with 36 of the 39 firms in coverage sporting a "buy" or better.

 

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