Nvidia stock is trading at a lower-than-average valuation as earnings approach.

According to Dow Jones Market Data, Nvidia is trading at 28.4 times earnings expected over the next 12 months. That's lower than its five-year average of 40.2 times forward earnings.

"We see the stock as attractive at current levels," James Demmert, chief investment officer at Main Street Research, wrote on Wednesday. "Nvidia's stock is trading at about the same price as almost a year ago – but their earnings have almost doubled."