According to market experts, all signs point to an extended uptrend of Nvidia stock. Even if it seems expansive at the moment, they recommend investors to buy company's shares on the pullbacks.
Nvidia stock
According to InvestorPlace, Nvidia stock has been on an uptrend in 2016, outside of a short one-month dip in February. The company has been victim to the volatility on the market at the start of the year, like nearly every stock.
Nvidia shares went above their 50-day moving average and have been holding above it ever since, after hitting a low of $24.41 on Feb. 12. Now, Nvidia stock is up over 170 percent compared to that time.
The latest evolution of Nvidia stock makes it a classic example of an uptrend, but the company has also seen its fair share of pullbacks. However, according to expert traders, those pullbacks are, in fact, what make the formation a true uptrend.
Nvidia shares went down close to the 50-day average due to weakness in May, late June and September. But Nvidia has been able to hold above the important support indicator at each time.
What is more important to notice is the fact that those pullbacks have all been followed by rallies to new 52-week highs. For this reason, the brief moments of Nvidia stock weakness are in fact spectacular buying opportunities,
According to Baseball News Source, in a transaction dated Tuesday, Sept. 27, Nvidia Director Tench Coxe sold 82,269 shares of the company's stock. The total transaction amount was $5,408,364.06 and the average price for the stock was $65.74.This massive Nvidia stock sale was disclosed in a document filed with the SEC.
According to MarketBeat, Nvidia shares opened at $66.78 on Thursday, Sept. 29. Several market analysts encourage investors to buy Nvidia stock. For instance, wenty equity research analysts have rated the Nvidia stock with a buy rating to the company. The average target price of the consensus "Buy" rating is $58,27.
The company is engaged in visual computing and is the manufacturer or the Tegra Processor and various GPUs. Its GPU division includes Quadro for design professionals and GeForce for personal computer gaming.
