(Yahoo) 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.
