Nvidia ETFs Split In Pre-Market After Jensen Huang-Led Chip Giant Exceeded Q2 Expectations
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 29 2024
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Source: Benzinga
ETFs Response to Nvidia Earnings: Following Nvidia's recent earnings report, various ETFs associated with the company displayed mixed reactions, with some like GraniteShares 2x Long NVDA Daily ETF declining by 3.41%, while others such as T-Rex 2X Inverse NVIDIA Daily Target ETF rose by 3.48%.
Impact of Earnings Report: Despite Nvidia surpassing expectations for the second quarter due to strong data center revenue, a contraction in gross margin led to a 3.6% drop in shares during after-hours trading, contributing to the varied responses among its ETFs.
Analyst Views on USD
Wall Street analysts forecast USD stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for USD is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 56.380
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Current: 56.380
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
