Witnessing a massive growth in the price since the beginning of the year, the computer hardware giant Nvidia Corporation (NASDAQ: NVDA) is one of the stocks envisioned to become the next Apple (NASDAQ: AAPL) in its massive growth in 2023, as financial experts largely agree.
As it happens, over the past three months, 46 Wall Street analysts have provided their ratings on Nvidia’s stock, with 31 advocating a ‘strong buy,’ 3 recommending a ‘buy,’ 12 suggesting to ‘hold,’ whereas there were no supporters for either ‘sell’ or ‘strong sell,’ as per data retrieved by Finbold on May 2.
Meanwhile, based on estimates of 40 Wall Street experts on finance and cryptocurrency monitoring platform TradingView, the one-year price target for the NVDA stock is $289.10, with a high estimate of $355 and a low estimate of $175 for the following 12 months.
Such ratings indicate a positive sentiment towards Nvidia’s stock among analysts, likely fuelled by the company’s positioning itself as a supplier of chips for use cases in the artificial intelligence (AI) sector, the recovery of its gaming division, as well as the widespread use of its graphic processing units (GPUs) in crypto mining.
NVDA stock price analysis
During the last 30 days, NVDA has been experiencing a quite wide trading range – between $262.20 and $290.58 – and is currently changing hands near the upper end of this range.
A combination of multiple trend lines and critical moving averages (MA) across various time frames have created a support zone in the range between $262.40 and $273.94. On May 1, NVDA broke out of the resistance at $280, looking at the $295 – $300 area next, followed by the $310 – $312 zone.
Latest NVDA market sentiment
Interestingly, on May 1, pseudonymous trader Wasteland Capital shared that NVDA had received an influx of around $31 billion to its market capitalization in a single day, suggesting that this represented more ‘value created’ in a single day than its entire profit from the last six years combined.
At the same time, a Twitter user with a major following, Heisenberg, a.k.a Mr_Derivatives, has expressed shock at the rate Nvidia stock was going, highlighting it would only need to retain a 4.5% a day growth for the following four days before it could reclaim the all-time high (ATH) by Friday, May 5.
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