Important points
Nvidia’s (NVDA) stock’s volatile month continued on Thursday, with the stock soaring in early trading before falling back into negative territory by the afternoon.
Shares of the semiconductor maker, the second-best performer on the S&P 500 index this year, rose more than 3% in early trading Thursday to trade around $127. This is significantly higher than the approximately $119 at the end of August, and represents a recovery from September’s intraday low of around $101.
However, in recent trading, the stock fell about 0.2% to around $123, as the S&P 500 and Nasdaq Composite Index also fell from previous highs.
Micron’s profits provided an early boost
Thursday’s early moves came as chip stocks rose across the board after Nvidia partner Micron (MU) reported better-than-expected earnings. Micron pointed to “solid demand for AI” in announcing a rosy earnings outlook.
Analysts at Bank of America said in a note Thursday that Micron’s results represent a “positive reading” for Nvidia and other semiconductor stocks.
Analysts remain bullish on NVIDIA
Wall Street analysts remain largely bullish on Nvidia stock. Nearly all analysts currently tracking the stock rate it a Buy, with an average price target of $152.52 compared to Wednesday’s closing price, according to Visible Alpha data. This corresponds to a premium of more than %.
Nvidia CEO Jensen Huang announced earlier this week that the company had completed plans to sell about $700 million in stock.
