Shares of Nvidia Corp. (NVDA) dropped another 12% Monday as investors continue to punish the chipmaker following disappointing revenue and guidance in its third-quarter earnings results.
Nvidia lost $19.73 to close at $144.70, and shares hit a new 52-week low of $144.63 earlier in the session. NVDA also shed almost 19% on Friday after the company reported revenue of $3.18 billion, falling short of Wall Street's $3.24 billion expectations. Earnings of $1.84 per share also fell well short of analysts' $1.93 expectations, while NVDA said it expects to generate $2.7 billion in the current quarter, missing expectations of $3.4 billion.
The stock is now down about 20% year to date and 50.5% below its 52-week intraday high of $292.76 reached on Oct. 2.
On Friday, Nvidia faced a slew of analyst downgrades, including Goldman Sachs, which cut the company's price target to $200 a share and removed the company from its conviction list. Analysts at Needham & Co. also lowered their price target to $225 from a previous $350, while BMO Capital reduced its price target to $175 from $225.
Nvidia fell as part of a broad tech sell-off that saw the Nasdaq Composite index close Monday's session down another 3%, pushing it further into correction territory.
(This article has been updated with closing share prices.)