Nvidia NVDA, one of the top performers in 2024, has seen its shares soar over +200% in the last year, outperforming the broader market.

With Nvidia’s stock currently hitting new 52-week highs of $595 and closing today’s trading session up +4%, the chipmaker is on a blazing trail, powered by the growing demand for artificial intelligence.

Recent Momentum

Nvidia’s stock has efficiently surpassed its 50-day and 200-day moving averages, signaling a very bullish trend.

The company’s imminent release of the HGX H200 AI chip in the second quarter of this year is expected to further solidify its lead over competitors like AMD (AMD) and Intel (INTC).

When Does Nvidia Report Earnings?

Nvidia is set to report its Q4 results on February 28, with analysts anticipating exponential growth in both earnings and sales.

Fourth quarter earnings are expected to skyrocket 410% to $4.49 a share versus $0.88 per share a year ago. Quarterly sales are projected to soar 232% to $20.1 billion.

Nvidia has consistently exceeded earnings expectations, posting an average earnings surprise of 18.99% over the last four quarters.

Bottom Line

With a Zacks Rank #1 (Strong Buy) and an Average Zacks Price Target of $649.11 a share suggesting 13% upside, Nvidia’s stock may be primed for further growth.