NVIDIA Corporation (NASDAQ: NVDA) was declining about 3% on Wednesday ahead of the company’s fourth-quarter earnings print, set to be released after the market closes.
When Nvidia printed a third-quarter earnings beat on Nov. 21, the stock closed down 2.46% the following day and subsequently entered a slight downtrend until bottoming out at the $450.10 mark on Dec. 4, where the stock began to surge into a steep uptrend.
For that quarter, Nvidia reported earnings per share of $4.02 on revenues of $18.12 billion, exceeding a consensus estimate of EPS of $3.36 on revenues of $16.12 billion.
For the fourth quarter, analysts, on average, estimate Nvidia will report earnings per share of $4.53 on revenues of $20.24 billion. Traders and investors will also be paying attention to how Nvidia guides its earnings for the next quarter and how it plans to continue harnessing opportunities in its AI applications.
Ahead of the print, Cantor Fitzgerald analyst CJ Muse reiterated an Overweight rating on Nvidia and maintained a price target of $775. Rosenblatt analyst Hans Mosesmann also weighed in on the stock, reiterating a Buy rating on Nvidia and a price target of $1,100.
From a technical analysis perspective, Nvidia looks neutral heading into the event, having negated its uptrend but working to print an inverted hammer candlestick on the daily chart.
Read Next: Nvidia Set for Impressive Q4 On Strong Demand and Product Pipeline Signal: Analyst
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