NVDA Stock Prediction: NVIDIA dips despite yet another generous price raise

NASDAQ:NVDA failed to carry its momentum into the final trading day of the first week of 2022, as general market weakness once again sent investors running. Shares of NVIDIA fell by 3.30% and closed the trading session at $272.47. Growth stocks have been hammered over the past month and with NVIDIA more than doubling its stock price in 2021, perhaps it is due for some consolidation. All three major indices closed lower once again as a choppy week of trading kicked off in 2022. The S&P 500 and NASDAQ each fell for the fourth consecutive day, and the Dow Jones retreated as well after trading higher earlier in the week.

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The fall in NVIDIA’s stock price came despite some more good news from Wall Street analysts. Just one day removed from being named a Top Pick from Bank of America, NVIDIA was praised by Citigroup as well. Citigroup believes that NVIDIA’s gaming sector is leading the way for the company and that the upcoming GPU Technology Conference in March and fourth-quarter earnings in February could set NVIDIA up for another bull run. CitiGroup provided a $350 price target for NVIDIA this year which is nearly 30% higher than Friday’s closing price.

NVIDIA stock chart

NVIDIA is also preparing to unveil its newest graphics card: the RTX 3090 TI. These cards were introduced at the recent CES conference and will look to be a game-changer for the PC gaming industry. Even if you aren’t a techie, a high-powered top-of-the-line graphics card in a booming industry certainly is a positive outlook for NVIDIA’s bottom line. It is believed NVIDIA will be releasing more details later this month.

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