NVIDIA shares rallied 19% this month to close at $208.27, driven by strong sentiment across multiple metrics. Short interest fell for the fifth straight session while options flow turned decisively bullish, signaling renewed confidence ahead of May earnings.
NVDA closed at $208.27 on April 24, up 4.3% on the day. The stock gained 3.3% over the past week and surged 18.9% in the trailing month. The chip giant has reclaimed momentum after a choppy first quarter, now trading well above its recent lows.
Short interest stands at 281.7 million shares, representing 1.16% of the float. That figure has declined steadily since hitting 286.6 million on April 17 — the highest level in the past month. The most recent reading on April 23 marks a one-week drop of 0.75% and a one-day decline of 0.06%. The official FINRA fortnightly print from April 15 settlement showed 283.3 million shares short with 1.96 days to cover.
Cost to borrow sits at 0.36%, up 13% over the past week but still volatile within the recent range. CTB peaked at 0.45% on April 6 and April 13 before pulling back. The current level is 32% higher than the 0.15% recorded on March 13, the lowest point in the past 30 days.
Utilisation registered 0.31% on April 23, down from a sharp spike to 0.42% on April 17 — the highest reading since the 52-week peak of 0.43%. Utilisation has fluctuated between 0.13% in mid-March and the recent high, reflecting shifting availability in the lending market.
The put-call ratio closed at 0.84 on April 24, well below the 20-day mean of 0.89. The z-score of -1.04 signals a bullish tilt, with traders favoring calls at a rate not seen in recent weeks. Over the past year, PCR has ranged from 0.70 to 1.02. The current reading sits in the lower third of that band, indicating stronger-than-average optimism in the options market.
Analysts maintain a buy rating on NVDA with 47 buy recommendations on file as of April 17. Recent activity has been constructive. Raymond James analyst Srini Pajjuri raised his target to $323 from $291 on March 19 while keeping a Strong Buy rating. Rosenblatt's Kevin Cassidy lifted his price objective to $325 from $300 on March 18, maintaining a Buy. Truist's William Stein bumped his target to $287 from $283, also reiterating Buy.
Benchmark's Cody Acree held his $250 target steady on March 31, as did Cantor Fitzgerald's C.J. Muse at $300 and Needham's N. Quinn Bolton at $240 in mid-March. The recent earnings print drew a chorus of reiterations, with RBC Capital, Keybanc, and TD Cowen all maintaining Outperform or Buy ratings.
Bull case: NVIDIA's data center revenue is projected to grow at an 80–90% CAGR through CY26 and CY27, positioning the company for over $1 trillion in revenue by end-2027. Blackwell systems and broad customer demand underpin the growth trajectory. The company's commitment to capital returns through buybacks adds further appeal. (Source: Benzinga analyst consensus)
Bear case: Market share erosion and rising GPU competition pose risks to revenue growth. Peak demand concerns have weighed on the stock despite CY27 EPS estimates climbing roughly 70%. Gross margin pressure and competition from custom ASICs remain headwinds. (Source: Benzinga analyst consensus)
The P/E ratio sits at 21.61, down 0.33 points on the day and 0.41 over the past week, but up 1.62 in the trailing month. P/B stands at 12.87, rising 0.80 over 30 days despite modest weekly and daily declines. EV/EBITDA dropped to 17.55, down 0.66 from its month-ago level.
NVIDIA ranks in the 94th percentile for 90-day EPS momentum and the 97th percentile for dividend score. Short score ranks at the 89th percentile, while 30-day EPS momentum sits in the 60th. Utilisation and DTC both fall in the low-to-mid 70s. The sector score lags at the 34th percentile, reflecting mixed positioning within semiconductors. EV/EBIT lands in the 62nd percentile.
Vanguard added 43.1 million shares in Q1 2026, bringing its total to 2.27 billion shares, or 9.3% of the company. BlackRock increased its stake by 14.4 million shares to 1.94 billion (8.0%), while State Street lifted holdings by 11.5 million to 991.5 million shares (4.1%). T. Rowe Price grew its position by 11.4 million shares to 400.0 million (1.6%).
CEO Jen-Hsun Huang's holdings rose by 9.9 million shares to 861.3 million, representing 3.5% of the company. FMR (Fidelity) added 5.7 million shares, while Capital Research boosted its stake by 5.3 million. Geode Capital and JP Morgan Asset Management each increased positions by 3.4 million and 1.5 million shares, respectively.
Insiders sold a net 298,244 shares over the past 90 days, valued at $51.9 million. Recent transactions on March 20 included CFO Colette M. Kress selling multiple blocks totaling approximately 29,000 shares for $5.4 million at prices ranging from $174.75 to $177.51. Principal Accounting Officer Donald F. Robertson Jr. sold 4,396 shares for $941,000 at prices between $172.58 and $177.31. All transactions were routine sales, with trade significance scores of 2 on a 10-point scale.
Among NVIDIA's semiconductor peers tracked by ORTEX, the stock's recent momentum stands out. The broader chip sector has seen mixed performance this month as supply-chain narratives and AI infrastructure spending debates continue. NVDA's 19% monthly gain places it well ahead of the sector average, reflecting its unique position in accelerated computing and AI workloads.
NVIDIA's next earnings event is scheduled for May 20, 2026, at 20:20 UTC. The print will offer fresh guidance on Blackwell ramp, data center demand, and gross margin trends. Analysts will focus on commentary around hyperscaler capex and competitive dynamics in the GPU market. Options activity and short interest trends leading into the event will signal trader positioning.
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