Hedge Funds Sell Tech Stocks After Nvidia's Earnings
Date
2/26/2024 3:13:31 PM
(MENAFN- Baystreet)
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Baystreet Staf - Monday, February 26, 2024
Hedge Funds Sell Tech
Stocks After Nvidia's
earnings Hedge funds are moving quickly to sell their holdings of technology stocks after blowout
financial results from chipmaker Nvidia (NVDA).
The largest U.S. hedge funds loaded up on tech stocks in the weeks before Nvidia's fourth quarter 2023 earnings report. But now, they're selling tech stocks at the fastest pace in seven months, according to data from investment bank Goldman Sachs (GS).
Hedge funds have been net sellers of technology stocks over the last four trading sessions after Nvidia posted exceptionally strong earnings, says Goldman Sachs.
The data shows that professional traders who work at hedge funds are booking profits on their technology bets after a six-week buying streak.
Hedge funds are shifting those profits into less volatile stocks, such as consumer staples. Companies that make household products are now seeing the most buying among hedge funds in 10 weeks.
However, despite the selling among hedge funds, overall confidence in technology stocks remains high, says Goldman Sachs, noting that retail investors continue to buy Nvidia's stock at a brisk pace.
Nvidia's stock is up 64% so far in 2024 and has gained 235% over the last 12 months.
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