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Late November 2024 brought a stock market twist for semiconductor giant Nvidia (NASDAQ: NVDA), as the shares entered a notable decline after the company posted an otherwise strong quarterly report. To be precise, NVDA shares retreated 6.48% in the last five sessions to Nvidia stock price today of $135.46. NVDA stock 5-day price chart. Source: Finbold The downward trading has also raised the question of whether an increase in bearish bets accompanies the evident selling pressure or if most traders are certain NVDA stock will bounce back – or, at the very least, are uncertain the pullback will be deeper. As it turns out, the relatively protracted decline has not resulted in a notable uptick in short positions targeting Nvidia shares, per the data retrieved on November 28 from Fintel. Specifically, the short ratio stood at 38.94 on November 27 – the last session before Thanksgiving – indicating bearish bets are near their 10-day lows. The lowest ratio within the time frame – recorded on November 18 – stood at 32.12. NVDA stock 10-day short data. Source: Fintel The relatively low level on Wednesday becomes particularly pointed once the fact that the ratio ran as high as 58.49 and 58.04 on November 15 and November 22 is considered. In general, the first half of the month featured the highest NVDA short interest recorded since mid-August, as exemplified by the data retrieved from Nasdaq on Thursday. Specifically, it climbed from 245 million published on October 31 to 276 million on November 15. On August 15, the average was reported at 293.5 million. NVDA stock short interest since 10-for-1 stock split. Source: Nasdaq The lack of bearish bets on NVDA shares explained Such an apparent lack of bold short positions can be explained by the dissonance between Nvidia’s earnings reports, analyst forecasts,…

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Filed under: News - @ November 28, 2024 2:25 pm