Revlis wireless

[Goodbuddy4863]

Nvidia shares at a 3-month low as hedge funds short the stock like crazy:

https://www.yahoo.com/finance/news/nvidia-shares-at-a-3-month-low-and-as-hedge-funds-short-the-stock-like-crazy-175053414.html

"Shares of Nvidia (NVDA), which gained over 200% in 2016, are now trading at a three-month low after a 9% drop on Thursday.

This drop in shares of the chipmaker came after a downgrade of the stock from Romit Shah at Nomura, who cut his rating to Reduce from Buy and put a $90 price target on shares. Early Friday, the stock was little-changed and trading just above $100 per share.

Earlier this month, Nvidia shares also appeared on Goldman Sachs’ latest roundup of the stocks hedge funds are shorting the most. As of January 31, about 7% of Nvidia’s market cap, or $4 billion worth of stock, was being sold short. This made the stock the second-most shorted by market cap among hedge funds tracked by Goldman.

Among stocks in the top-10 most shorted by hedge funds tracked by Goldman, only Caterpillar had 5% or more of its total float sold short. This means, simply, that as a percent of the shares outstanding, Nvidia shares are being most aggressively bet against among the biggest hedge fund shorts out there.

Short-seller Andrew Left at Citron Research, who back in late December said he was short shares of Nvidia, said Friday he covered his position as the stock is now trading closer to his $90 price target.

In an interview with CNBC on Thursday, Shah said the real concern for Nvidia in the coming quarters is revenue growth in its core gaming business decelerating faster than Wall Street expects. This business accounts for about 60% of the company’s revenue."