Finance: A prominent short-seller just made a $230,000 bet with Jim Cramer on one of the best-performing tech stocks (NVDA)
Citron Research has placed a $230,000 charity bet on its Nvidia position after some light prodding from CNBC host Jim Cramer.
- Citron Research has placed a $230,000 charity bet on its Nvidia position after some light prodding from CNBC host Jim Cramer.
- The noted short-seller has a $230 price target for Nvidia, which was the top performing S&P 500 stock in 2017.
- Follow Nvidia's stock price in real-time here.
Nvidia might have been the best performing S&P 500 stock in 2017, but the bears see it's rise as a potential money maker for short-selling.
After CNBC host Jim Cramer prodded Citron Research for Nvidia surging past the firm's $170 price target it set in June 2017, the firm fired back, saying it would donate $230,000 to the Humane Society if the stock is still above $230 in a year.
It's unclear if Cramer has accepted the bet, or what's at stake for the Mad Money host if Nvidia's share price drops as much as Citron predicts. One thing is for certain, Cramer sticks up for his dog, aptly named for the chipmaker.
It's not an unusual move for Citron. The company, headed by Andrew Left, regularly publishes bearish reports on companies it thinks are overvalued.
Most recently, the firm singled out upstart furniture company Wayfair. Before that, it was Twitter.
Nvidia was the best performing S&P 500 stock in 2017, up 79%, and Wall Street analysts surveyed by Bloomberg remain optimistic, with an average price target of $251, 7% above where shares were trading Friday afternoon.
Click here to read the full text by Graham Rapier