Record-setting NVDA seems overdue for upgrades
The U.S. stock market has set fresh record highs again today, amid the latest batch of corporate earnings reports. Among specific equities on the move are casino name Wynn Resorts, Limited (NASDAQ:WYNN), renewable energy installer Vivint Solar Inc (NYSE:VSLR), and chipmaker Nvidia Corporation (NASDAQ:NVDA). Here's a quick roundup of how shares of WYNN, VSLR, and NVDA are trading today.
Wynn Resorts Stock Hits New High on Macau Outlook, Analyst Notes
Wynn Resorts stock shot to a three-year high of $201.69 earlier, and was last seen trading up 0.3% at $195.90 -- on track for an eighth straight gain, its longest win streak since March. The shares are reacting to WYNN CEO Steve Wynn's upbeat outlook for Macau, as well as a round of positive analyst notes in the wake of yesterday morning's earnings beat.
Specifically, no fewer than six analysts raised their price targets on WYNN stock overnight. The most optimistic outlook came from Jefferies, which lifted its target to $220 from $202 -- territory not charted since May 2014.
Wynn Resorts shares have now added nearly 112% over the past 12 months -- a time frame in which short sellers have been steadily covering, likely boosting the stock. Year-over-year, short interest plunged 48.8% to 3.66 million shares, the fewest since August 2014.
Trump Tariffs Buoy Vivint Solar Stock
Most solar stocks are trading higher today, after the Trump administration imposed tariffs on solar panel imports. Vivint Solar shares have shot 7.1% higher to $3.75, but are running out of steam near $3.90 -- home to the stock's 32-day moving average, and a 26.3% Fibonacci retracement of its July-to-September plunge.
Some of today's upside could be a result of shorts covering their bearish bets. While just 5.4% of VSLR stock's float its sold short, this represents 23.6 times the average daily pace of trading. However, considering the security is still staring at a 30.6% six-month deficit, the remaining short sellers are still firmly in control of Vivint Solar.
Nvidia Stock Hits Another Record High
Nvidia seems virtually unstoppable on the charts, with the chip stock notching a new record high of $239.83 earlier. Most recently, the shares were up 2% to trade at $238.30, after Morgan Stanley upped its fourth-quarter earnings per share (EPS) estimate for NVDA, saying Ethereum's recent price surge increases the tech name's mining opportunity.
Year-over-year, NVDA shares have now added more than 126%, and there's plenty of room for analysts to catch up to the price action. Of the 25 brokerages covering the stock, 12 maintain a "hold" or "strong sell" recommendation. Plus, the average 12-month price target of $213.69 stands at a discount to current levels.