NVDA Stock Price: Nvidia bounces into the close after finally finding support

NASDAQ:NVDA gained 0.62% during Tuesday’s trading session.
Citigroup releases a report that is favorable for semiconductor stocks.
Institutions have been loading up on the recent NVIDIA dip.

Stocks Reporter FXStreet

NASDAQ:NVDA investors finally saw an end to the bleeding that has been steadily hitting the stock for the past month. On Tuesday, shares of NVDA gained 0.62% and closed the trading day at $283.37. The late-day gains were welcomed by NVIDIA shareholders, as growth stocks continued to get battered down during the ongoing sell off. The tech-heavy NASDAQ was once again the hardest hit index dropping by 1.14% after falling by 1.39% to start the week on Monday. The Dow Jones and S&P 500 pulled back as well ahead of a key Federal Reserve decision on Wednesday about a transition away from its easing policies that have helped support the markets during the pandemic.

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Just one day after Citigroup released a report that supported a list of semiconductor stocks not named NVIDIA, the investment arm of the bank released a report on laptop sales. The report was favorable, which has helped to ease persistent concerns of the ongoing global chip shortage and how it has affected the demand for electronic products. Another interesting point to note: Citigroup spoke glowingly about AMD (NASDAQ:AMD) and Intel (NASDAQ:INTC) in the report, but failed to mention NVIDIA as a beneficiary of the sales.

NVIDIA stock forecast

Although NVIDIA shares have been selling off over the past month, there are some institutions that are certainly loading up on this dip. A prominent growth fund called Catalyst Pivotal Growth Fund has been notably adding to some of the sector’s most beaten-down stocks. This includes NVIDIA, DocuSign (NASDAQ:DOCU), AMD (NASDAQ:AMD), Roku (NASDAQ:ROKU), and Sea Limited (NYSE:SE). It is likely that at these levels, Catalyst will not be the last institution to load up on NVIDIA shares.

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