Need nominations - Most Overpriced Stocks?

Looking for the MOS with the most…
Which Most Overpriced Stocks are out there that leave you scratching your head?

This could be a covid bump that never relented, even though it should have.
It could be unearned love from market due to perception more than reality.
It could be a fad that is about to end, or a trend that is no longer a friend.

You get the idea. Here are mine:

ENPH - covid bump then biden bump and rich PE and into a recession (potentially) I just think this feels pressure.

NVDA - saw this movie in Nov 2018, when crypto collapsed. I love NVDA, but autonomous vehicles still nowhere (maybe in industrial sector soon?) and DC growth masked by the META of the world buying tons vs typical slowing of IT purchasing in recessionary environment. Mainly though, the crypto/mining collapse and reversal of supply chain woes.

ULTA - this one has a linear never-looked-back chart from covid low. Not a retail expert, but played one on tv while owning SPG, and I get that upper-end consumers will continue to buy, but I think bad economy leads to overall less foot traffic everywhere, and ULTA shouldn’t be immune to a pullback.

So far I have only pulled trigger on ENPH. Hoping NVDA spikes once more and I am good there. On fence on ULTA.

What other stocks are either way off lows or barely off ATHs out there, for short consideration?

Dreamer

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NVDA is still the leader in graphics chips and the preferred supplier for AI. Earnings are down mostly due to declining game sales, a Covid effect. Other segments are growing. Stock has uptrend from October. I’d say shorting is risky.

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Gaming is (was?) 50% of biz in recent past. Gaming is down.
DC is up.
No other meaningful segments, tbh. Not yet anyway.

In Nov 2018, NVDA cratered with crypto. Crypto seems like a wounded fighter at this moment and could get worse. Mining rigs built on nvda gpus flooded the reseller market. New NVDA GPU release widely ignored and little traction as prices for the RTX 3000 series finally coming down (were artificially high due to supply chain hijinks leftover from covid). Trying to get/build a PC last year was a joke…overpay for GPU or wait.

AMD also continues to get more competitive than in the past.

Finally - entering a recessionary slowdown and IT budgets get slashed and enterprises look to make their PCs/servers last a bit longer.

They were under $110 a few weeks back. $180 now. Almost half a trillion dollar market cap. All their market cap peers trade at better P/E ratios. If we have another run towards lows, they should hit $120 easily…30% trade.

Dreamer

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Also - looking more for nominations on other stocks. Ok to discuss whether these make sense to short or not, but really trying to broaden my horizon on what other stocks are out there as short candidates.

Dreamer

Nvidia’s website is informative. One that you missed is self driving autos. A fad for a while like crypto mining. These numbers are interesting–

https://s22.q4cdn.com/364334381/files/doc_financials/2023/Rev_by_Mkt_Qtrly_Trend_Q323.pdf

Data centers is more or less flat but not in decline. Auto is growing. Not sure what Professional Visualization is. I suppose photoshopping etc.

They are industry leaders. They design chips. Chips are made by Taiwan Semiconductors. Competitors like AMD and Intel are trying to out do them. They do say Nvidia programming has become the industry standard. May not be so easy for competitors to overcome. But competition can be motivating, and be good for consumers with faster improvements and lower prices. PE ratio is still high.