Double Downgrade Sinks Nvidia's Stock

NVIDIA Corporation NVDA shares are trading lower by $10.00 at $100.76 in Thursday's session. The catalyst for the decisive move lower is a pair of downgrades.

After Wednesday's close, Nomura downgraded the issue from Buy to Reduce with a price target of $90. Not be outdone before the open, BMO Capital downgraded the issue from Market Perform to Underperform with even a lower of a price target at $85.

Related Link: Nvidia: Know The Difference Between 'Highly Valued' And 'Overvalued'

The end result is the worst shellacking for the stock since Citron's Andrew Left targeted it as a short candidate.

After a lower open, it managed a brief bounce to $106.39, before battered shorts seized on the negative news. So far, the ensuing decline has taken all the way to $99.99, but rebounded back into the $100 handle.

That marks the lowest level for the issue since it bottomed at $99.11 on January 18. The issue is attempting to avoid its first close in double digits since it ended the December 15 session at $98.71.