Nvidia stock plunged 15% in 3 days, losing its crown as the most valuable company in the world.We analyze Nvidia's financials and technicals to see if the dip is worth the risk.shares have fallen by more than 15% in the last 3 trading sessions, resulting in a loss of nearly $550 billion in the company's market value. Consequently, the AI behemoth lost the briefly acquired title of the world's most valuable company.
There are also worries that a continued sell-off could trigger a broader market correction, given the importance of Nvidia's meteoric rise for the current bull market. In fact, the decline that started last week has led to comparisons to the dotcom bubble of the early 2000s. Looking at the current estimates for the next earnings report, 38 analysts have positively revised their outlook for Nvidia's revenue and earnings per share. The consensus among analysts is that Nvidia's EPS could be $0.63 for Q2, and quarterly revenue could reach $28.3 billion, representing an increase of over 100% year-over-year.
Following the April correction trend, support levels at $130 and $124 were breached with volume. Currently, the stock has retreated to $118, nearing critical support at $115 . A weekly close above this level could potentially trigger a swift recovery. If investors perceive the current movement as a corrective phase and shift to buying, NVDA could target a new peak around $150.
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Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »