By
Kseniia Klichova
March 31st, 2024
As a billion-dollar tech company, Nvidia has seen its stock rally during the past two years when Covid-related challenges affected global businesses.
Nvidia Corporation (NASDAQ: NVDA) stock closed the trading on Thursday at $298.01, up 12.04% from the day’s opening price. The gains extended during Friday’s pre-market trading session with approximately 1.83% to trade around $303.46. The Nvidia company has received huge backing from analysts on its Metaverse developments that most companies will use to build on. Dubbed Nvidia Omniverse, the project is currently in the beta version as more companies including Facebook, now Meta, shifted towards metaverse.
Following the positive developments, Wells Fargo analysts raised their Nvidia price target from $245 to $320.
“We see NVIDIA Omniverse as a key enabler/platform for the development of the Metaverse across a wide range of vertical apps,” Wells Fargo analyst Aaron Rakers said.
He further noted that the company will officially launch the general availability of Omniverse Enterprise next week at GTC 2021. Notably, Rakers kept an Overweight rating on the Nvidia shares.
Besides Facebook’s entrance into the Metaverse industry, Nike Inc (NYSE: NKE) has also filed applications to sell virtual branded products. According to the US Patent and Trademark Office, the company filed applications on Oct. 27 for “Nike,” the brand’s famous slogan “Just Do It,” and its swoosh logo.
“The trademark filings would very clearly be a nod to this idea of the metaverse,” Josh Gerben, a trademark attorney, said. “They’re filing new applications for the company’s main trademarks, saying that they’re going to launch and start selling virtual clothing, headwear, shoes, in online and virtual worlds.”
Nvidia Stock amid Its Metaverse Plans
As a billion-dollar tech company, Nvidia has seen its stock rally during the past two years when Covid-related challenges affected global businesses.
According to market analytics provided by MarketWatch, Nvidia stock has gained approximately 104%, 128%, 46%, and 43% in the past year, YTD, three months, and one month respectively through Thursday.
The company has a market valuation of approximately $664.95 billion and 2.5 billion shares outstanding. In the past 52 weeks, the company’s stock market has ranged between 115.67 and 313.65.
Having been rated 42 times in the recent past, the Nvidia stock market received an average rating of Over. Out of which the average target price was $236.82 and an average recommendation of Overweight.
Notably, the company will host a conference call on Wednesday, November 17, at 2 p.m. PT (5 p.m. ET) to discuss its financial results for the third quarter of the fiscal year 2022 that ended on October 31, 2021.