tech
Small investors buy Nvidia in record numbers after Thursday's open
Everyday traders recorded their highest levels of net buying in the stock during the first 80 minutes of a trading day going back to at least 2012, data shows.
TL;DR
- Retail investors recorded the highest net buying levels in Nvidia stock on Thursday morning.
- This level of buying activity in the first 80 minutes of trading has not been seen since at least 2012.
- Nvidia's recent earnings report exceeded analyst expectations and included strong future guidance.
- The company reported 75% revenue growth in its core data center business, boosting overall sales by 73%.
- Despite strong buying, the stock experienced a decline of over 4% in midday trading.
- Analysts observed significant two-way trading, with both buying and selling contributing to the stock's 'rocky action'.
- Increased retail activity in Nvidia has led to 'spillover buying' in other tech stocks like Broadcom and related ETFs.
- Retail investors had been relatively conservative with Nvidia before the earnings report.
- Nvidia has been a top stock for retail investors throughout 2023.
- Wall Street analysts maintain a bullish outlook, with a consensus buy rating and a price target suggesting over 35% potential growth.