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Technology Stocks : Semi Equipment Analysis
SOXX 312.18-0.2%Dec 9 4:00 PM EST
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To: Sam who wrote (81740)11/20/2018 3:17:10 PM
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Nvidia No Longer Comes Up Short
MARKETWATCH 3:15 PM ET 11/20/2018

Symbol Last Price Change
NVDA 148.3801 +3.6801 (+2.54%)
QUOTES AS OF 03:15:45 PM ET 11/20/2018


Time apparently heals all wounds--even for a maimed short seller.

Citron Research recommended that investors start shorting chip maker Nvidia(NVDA)back in December of 2016 (https:// www.wsj.com/articles/nvidia-shares-fall-7-on-short-sellers-warning-1482969542). That was a painful trade. Nvidia's(NVDA) shares, which had already tripled over the previous year, went on to gain another 147% over the next 21 months until the stock peaked on Oct. 1.

Then came the market's big tech rout, following by Nvidia's(NVDA) own disappointing forecast (https://www.wsj.com/articles/ nvidias-crypto-burn-will-take-time-to-heal-1542553201) issued late last week. By the close of trading Monday, the chip maker had shed half its market value in less than two months.

That gave even Citron a change of heart. The short seller tweeted Tuesday (https://twitter.com/CitronResearch/status/ 1064900455266889728)that Nvidia's(NVDA) shares finally offer "an appealing risk-reward to investors," and it projected that the stock price will bounce back to $165--about 14% up from their last close. That is more than 80% above the original $ 90 target Citron first proposed, though is only about 28 times Nvidia's(NVDA) forward earnings compared with the 33 times implied by the original target.

Write to Dan Gallagher at dan.gallagher@wsj.com (mailto:dan.gallagher@wsj.com)
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