The Santa Clara, CA-based visual computing company recently announced that its new graphics card for workstations, Quadro P6000, is the world's fastest graphics processing unit for game and virtual reality design, VentureBeat reported.
Nvidia has also been speculated recently to be close to winning a contract to power Nintendo's (NTDOY) Nintendo NX console.
Nvidia is expected to report 2017 second-quarter earnings on August 4.
Nvidia is one of the best-performing stocks in 2016 and there seems no letting up. After a couple of stellar earnings reports in February and May this company has defied the odds and market selloffs, rising to levels not seen in years.
The impressive run has been on very strong turnover, which is what we like to see when a stock shows tremendous power. We can see in the lower pane of the chart that momentum continues with this stock.
The moving average convergence divergence (MACD) is still on a buy signal but what is amazing is the relative strength, embedded above the 70% level. This is the second series this year of lengthy overbought conditions, which we remind is not a sign to sell. Volume trends in July have been solid.
We believe higher prices are ahead.
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Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of A.
The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins.
TheStreet Ratings feels its strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value.
You can view the full analysis from the report here: NVDA