According to CapitolTrades.com, a data platform related to politicians’ trades, Morgan McGarvey, the U.S. representative for Kentucky’s 3rd Congressional District, recently bought the shares of Nvidia (NASDAQ:NVDA).
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Per the data, McGarvey bought NVDA stocks in March and recently reported the purchase. Moreover, the NVDA trade had a transaction size range of $1-$15K.
Using TipRanks’ data, let’s check what’s on the horizon for Nvidia stock.
What is the Prediction for Nvidia Stock?
Nvidia stock has rallied and recovered most of its lost ground. To be precise, NVDA stock has gained over 81% year-to-date, significantly outperforming the NASDAQ 100 Index (NDX). The rally in NVDA stock reflects its dominant competitive positioning in the AI (Artificial Intelligence) space.
The popularity of OpenAI’s ChatGPT and NVDA, which are emerging as the operating systems of AI, provides a solid foundation for growth. Further, the AI computing infrastructure is mainly concentrated in the hands of Nvidia.
Christopher Rolland Susquehanna expects NVDA’s new products, announced during the GTC Developer Conference, to further cement its AI leadership. Rolland is bullish about NVDA stock and believes its premium valuation to its peers is warranted as the company is poised to benefit from the flourishing end market.
Tigress Financial analyst Ivan Feinseth also reiterated a Buy recommendation on NVDA stock. The analyst said NVDA’s “industry-leading position in AI, multiple new products, and partnership announcements highlight the company’s strengths and position it for a new AI-driven business upcycle and growth acceleration.”
Including Rolland and Feinseth, NVDA stock has received 27 Buy recommendations. At the same time, the stock has seven Holds and two Sells. Overall, it has a Moderate Buy consensus rating on TipRanks. Further, due to the recent rally, analysts’ average price target of $281.74 implies 6.47% upside potential.
Nevertheless, NVDA stock scores a “Perfect 10” on TipRanks’ Smart Score system. (Stay abreast of the best that TipRanks’ Smart Score has to offer.)
Bottom Line
Keeping track of politicians’ trade will help investors make informed investment decisions. Retail Investors can also leverage TipRanks’ Experts Center tool to trade more confidently. As for the NVDA stock, its AI leadership and new product launches will support its long-term growth. However, due to the recent rally, the stock could witness limited upside in the near term.
