NVIDIA Corporation (NASDAQ:NVDA) Is Among The Biggest S&P 500 Risers For 2016 Led By Its Recent Launch Of GeForce Drivers.
Shares of NVIDIA Corporation (NASDAQ:NVDA) rose 0.92% to settle at $88.45 on Friday, with the share price trading in a range of $85.12 – 88.80. The stock traded with approximately 11.96 million share, missing its average daily volume of 13.80 million shares.
NVIDIA Corporation posted a high earnings per share (EPS) of 20.20% in the last five years and achieved an earnings growth of 90.60% on a year-over-year (YoY) basis.
The analysts’ mean recommendation stood at 2.30 on the company’s stock, with less than 2 being the buy rating, 3 as the “Hold” rating, 4 as the “Sell” rating, and 5 as the “Strong Sell”, citing the stock appeared -7.14% below its 52-week highs, down -6.06% for the last five sessions.
NVIDIA Corporation was among the biggest risers on the S&P 500 on Monday, which gained 3.88% to a price of $91.88 per share and approximately 15.04 million shares traded.
The tech company opened at $89.99, with an intraday high of $92.61 and an intraday low of $89.00, which gained about $3.43 per share at the close. The stock’s average daily volume reached 10.78 million of its 539 million share total float over the last 90 days.
The stock’s 50-day SMA hit $75.47 and 200-day SMA stood at $53.94 with a 52-week range of $24.75 to $95.25.
Meanwhile, NVIDIA Corporation and Acacia Communications Inc (NASDAQ:ACIA) are among the two best-performing growth stocks for this year, which have returned about 196% and 129%, respectively.
Acacia has achieved an outstanding feat in less time than 11 months, considering it just went public in mid-May.
NVIDIA Unveils the New GeForce Drivers
The tech giant has launched their latest GeForce drivers, version 376.19, citing improvements designed to run some important games, including system enhancement for virtual reality.
Some improvements for the latest GeForce drivers includes Game Ready Driver support intended for Oculus Touch launch titles. The latest controllers for the Rift VR system was named “Oculus Touch”, in which Nvidia’s drivers were restructured to provide the optimal experience for games that kept them in line.
Moreover, the latest drivers have enhanced the 3D Vision profiles of games such as Dead Rising 4, Mars 2030, Serious Sam, and Superhot.
Current Stance of NVIDIA Corporation Stock
The chart below illustrates NVIDIA Corporation stock’s movement ahead of recent launching of their latest GeForce drivers.
Given a bullish tone on the stock, it is shown here that the stock currently consolidated after shares gave back their gains. Thus, the stock price is simply away from resistance 94.41, which changed hands in a light trading volume.
Conclusion
As shares of the NVIDIA Corporation are currently in a bullish tone, market participants are recommended to wait on the sidelines as there aren’t any supporting candles present as of today’s session.