ETFs To Watch Ahead Of Nvidia's Q3 Earnings

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Graphics chipmaker NVIDIA (NVDA - Free Report) is set to release third-quarter fiscal 2021 results on Nov 18, after market close. As it has been one of the hottest stocks in the semiconductor space, let’s take a look at its fundamentals ahead of the earnings release.

NVIDIA has been on a strong ride over the past three months, reaping gains of 10.3%, which outperformed the industry average of 8% by a wide margin. This trend is likely to continue given the optimism of the Wall Street analysts though an earnings surprise is difficult to predict this time.


Earnings Whispers

According to our methodology, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. Nvidia currently has a Zacks Rank #2 and an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

The videogame-gear specialist saw no earnings estimate revision over the past 30 days for the third quarter of fiscal 2021. The company’s earnings surprise history is solid. It delivered an earnings surprise of 11.53%, on average, in the last four quarters. Additionally, it is expected to post substantial earnings and revenue growth of 44.4% and 46.6%, respectively, for the to-be-reported quarter.

The stock belongs to a bottom-ranked Zacks industry (placed at the bottom 17% of 250+ industries).

The Zacks Consensus Estimate for the average target price is $556.54 with nearly 88% of the analysts giving a Strong Buy or a Buy rating ahead of the company’s earnings.


What’s Hot?

A few analysts like Deutsche Bank, Susquehanna raised the price target on Nvidia onits continued strength in the gaming and data center markets. Nvidia’s revenues are expected to get a boost from graphics card sales, demand of which is on the rise, driven by the stay-at-home trends amid the coronavirus pandemic.

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