NVDA - Looking For Attractive Entry Point In High-Flier Nvidia? Investment Advisor Sees Nearly 30% Pullback Ahead Of Late-August Earnings | Benzinga
Nvidia Corp. (NASDAQ:NVDA) shares trade just shy of their record highs and “FOMO” sentiment is driving more traders toward the stock despite its pricey nature. Michael Kramer, founder of Mott Capital Management and who runs an actively managed long-only Thematic Growth Portfolio, on Thursday, suggested that investors can play the waiting game to get into the stock at more attractive levels.
What Happened: Nvidia could be in for a 30% downside from current levels, Kramer said in a post on X, formerly Twitter, basing his deduction on a technical chart. He sees the stock pulling back to the level it was at before it gap-opened higher in the aftermath of the company’s first-quarter earnings report released after the market close on May 22.
Nvidia ended the session at a split-adjusted price of $94.94 and a return to the level would mean a plunge of 27.40% from current levels. A 30% pullback from the recent highs will push the stock well ...