California-based NVIDIA Corp. (NASDAQ: NVDA) is a technology company that designs, manufactures, and sells multimedia software like an application programming interface, chipsets, and graphic processing units. It also offers artificial intelligence hardware & software and video game consoles.
On May 25, the company reported upbeat results for the fiscal first quarter ended May 1, 2022. Earnings grew 48.6% year-over-year to $1.36 per share, compared with the Street’s estimate of $1.30 per share.
Further, revenue increased 46% to a record $8.29 billion.
Meanwhile, several analysts recently reiterated a Buy rating on the stock, as seen below:
Rick Schafer of Oppenheimer said, “NVDA’s platform of CPU, GPU, DPU and software work together to enable an accelerated computing ecosystem.”
Overall, the stock has a Strong Buy consensus rating based on 27 Buys and four Holds. NVDA’s average price target of $275.27 implies 73.5% upside potential from current levels. Shares have lost 13.8% over the past year.
All these Buy ratings show that the analysts expect the stock price to rise. It could be a good time to invest in the stock, which recently hit a new low, hovering near its 52-week low price.