Nvidia (NVDA) stock has rallied 27% year-to-date and 75% over the past year. The company will report results for the first quarter of Fiscal 2027 on Wednesday, May 20, and the options market is already preparing for a major move. According to TipRanks’ Options Tool, options traders expect about a 8.96%, or nearly $21, move in either direction in NVDA stock after the results.
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The current implied move is far more than Nvidia’s average post-earnings move (in absolute terms) of about 3.16% over the past four quarters.
Bullish Options Bets Build Ahead of Nvidia Earnings
Much of the recent activity has centered around bullish call options, especially near the $235 and $240 strike prices. The $235 calls alone saw a trading volume of more than 440,000 contracts, showing that many traders are still betting Nvidia stock can move higher even after its massive rally over the past year. Some traders are also targeting higher strike prices near $250.
The bullish positioning comes as investors look for strong updates on Blackwell demand, AI spending from hyperscalers, and Nvidia’s data center growth.
At the same time, expectations remain extremely high ahead of the report. Put options around the $225 and $230 strikes also saw activity, but bullish call bets continued to dominate. Even a strong earnings report could weigh on Nvidia stock if guidance falls short of lofty Wall Street expectations.
What to Expect from Nvidia’s Q1 Results
Wall Street expects Nvidia to post earnings of $1.75 per share, which would mark a 115% increase from the same period last year. Similarly, revenues are expected to rise by 79% from the same quarter last year, reaching $78.78 billion.
Ahead of the report, several firms have become more bullish on Nvidia’s outlook and have raised their price targets. One such analyst is Srini Pajjuri of RBC, who expects Nvidia’s upcoming earnings report to reinforce the strong AI demand trends seen in recent quarters.
The 5-star analyst expects Nvidia to report roughly $78 billion in revenue and adjusted EPS of $1.74 for the April quarter. He also believes the company could once again beat Wall Street estimates and issue stronger guidance, helped by solid Blackwell demand, healthy AI spending from hyperscalers, and Nvidia’s growing AI backlog.
What Is Nvidia Stock Forecast for 2026?
Ahead of the Q1 print, analysts rate Nvidia stock as a Strong Buy, with 40 Buys, one Hold, and one Sell assigned in the last three months. At $277.23, Nvidia’s average 12-month stock price target implies an upside of over 22% from the current level.
