Cryptocurrency bettors are skeptical that NVIDIA Corp. (NASDAQ:NVDA) will close above $250 by the end of August, even as the AI giant’s blowout earnings continue to push the stock higher.
Polyamarket Bets on NVDA’s August Close
Polygon (CRYPTO: POL)-based Polymarket currently assigns only an 8% chance to the possibility, down from 50% the day before.
The odds of NVDA closing above $240 on Aug. 31 were 23%, compared with an 84% probability of a close above $200.
The stock closed at $200.75 on the last trading day in July and has gained 4.4% month-to-date. Over a 30-day period, the stock has gained 6.69%.
Nvidia Delivers Blowout Print
Nvidia reported fiscal second-quarter revenue of $96.2 billion, up 106% year over year, and beating a Street consensus estimate of $92.18 billion.
Adjusted earnings per share were $2.22 in the quarter, beating a Street consensus estimate of $2.10.
Ross Gerber, president and CEO of Gerber Kawasaki, called Nvidia “undervalued” after the results. The veteran investor noted that Nvidia could post nearly $10 in earnings per share this year and suggested a historical multiple of 45 could put the stock around $450.
The stock carries a consensus "Buy" rating from 30 analysts, with an average price target of $316 and a third-quarter target of $330.
Price Action: NVIDIA shares rose 4.71% in after-hours trading after closing 1.59% lower at $209.66 during Wednesday’s regular trading session, according to data from Benzinga Pro. Year-to-date, the stock has risen 12.42%.
Benzinga Edge Stock Rankings indicate that NVDA maintains a stronger price trend across short-, medium-, and long-term timeframes, supported by elevated Quality and Growth scores.
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