Why NVIDIA Stock Keeps Moving Higher

Why NVIDIA Stock Keeps Moving Higher

Shares of NVIDIA have recently tested a new all-time high level at $818.24 as the stock continued to move higher amid optimism about the company’s future performance in the world that is hungry for chips.

Analysts estimates for NVIDIA keep moving higher which is bullish for stock. Currently, NVIDIA is expected to report a profit of $15.83 per share this year. In the next year, the company’s profit is projected to increase to $17.25 per share as demand for NVIDIA’s products continues to grow.

The stock is trading at roughly 47 forward P/E, but the market ignores valuation concerns as it remains focused on NVIDIA’s growth prospects.