Short Interest In NVIDIA Corporation (NVDA) Increases By 40%

Recent short interest data for the 8/29/2014 settlement date shows an increase in short interest for shares of NVIDIA Corporation (NVDA). As of August 29, the short interest for the manufacturer of graphics processing units totaled 71,540,613 shares, as compared to 51,311,397 shares since August 15, an increase of 39.42%. Average daily volume [AVM] for the same period fell by more than 2.97M to 5,683,790 shares from 8,658,752 shares. It is worth mentioning that ticker’s short interest has jumped by 21.59M shares, or 43.22%, from the 4/15/2014 settlement date.

Based on the latest AVM, the days-to-cover ratio — a metric that includes both the total shares short and the average daily volume of shares traded — is currently 12.58 days. Days-to-cover for NVDA increased to 12.58 for the August 29 settlement date, as compared to 5.92 days at the August 15 report.

A number of prominent Wall Street firms have recently weighed in on NVIDIA shares. Analysts at Needham upgraded the company’s stock from ‘Hold’ to ‘Buy’ in a research report issued to clients on Friday, August 8. Analysts at JP Morgan (JPM), BMO Capital and Nomura also upgraded NVDA on the same date, giving it a ‘Neutral’, ‘Market Perform’ and ‘Buy’ rating, respectively. Separately, analysts at Pacific Crest downgraded shares of NVIDIA Corporation from a ‘Sector Perform’ rating to an ‘Underperform’ rating in a research note issued to clients on June 23. Finally, analysts at Bank of America (BAC) downgraded the name from ‘Neutral’ to ‘Underperform’ in a research note issued on Thursday, June 19th. The firm currently has a $19.00 price target on the stock.

NVIDIA Corporation has a beta of 1.17 and a short float of 13.90%. In the past 52 weeks, shares of the Santa Clara, California-based company have traded between a low of $14.52 and a high of $20.15 and are now at $19.12. Shares are up 21% year-over-year and 19.35% year-to-date.

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