Oversold Shares of Nvidia Could Test $480 Again Soon

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After a brief pullback, shares of Nvidia (NVDA) are just starting to push aggressively higher.

Today alone, the NVDA stock tacked on another $29 of upside. Yet, it’s still technically oversold, and could easily see further upside.  In fact, we’d like to see it retest $480 again shortly.

Helping, Morgan Stanley just said the decline in NVDA is a “good entry point” for investors. With a $500 price target, the firm said, “We think the recent selloff is a good entry point, as despite supply constraints, we still expect a meaningful beat and raise quarter – and, more importantly, strong visibility over the next 3-4 quarters,” as quoted by Seeking Alpha.  They added that Nvidia is the firm’s top pick in the semiconductor space.

NVDA last traded at $437.53 on a volume spike to 66.1 million shares, as compared to daily average volume of 50 million.  In after-hours, the NVDA stock is up another $8.13 to $445.66.