Investors Buy NVIDIA Corporation (NVDA) on Weakness Following Insider Selling
Investors purchased shares of NVIDIA Corporation (NASDAQ:NVDA) on weakness during trading hours on Thursday after an insider sold shares in the company. $599.87 million flowed into the stock on the tick-up and $510.77 million flowed out of the stock on the tick-down, for a money net flow of $89.10 million into the stock. Of all companies tracked, NVIDIA Corporation had the 2nd highest net in-flow for the day. NVIDIA Corporation traded down ($0.10) for the day and closed at $180.77Specifically, insider Michael Byron sold 9,538 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $179.80, for a total value of $1,714,932.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Harvey C. Jones sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $150.29, for a total value of $15,029,000.00. Following the completion of the sale, the director now owns 30,762 shares in the company, valued at approximately $4,623,220.98. The disclosure for this sale can be found here. Insiders have sold 496,478 shares of company stock worth $85,901,012 in the last quarter. 5.82% of the stock is currently owned by corporate insiders.
Several analysts have issued reports on NVDA shares. Vetr upgraded NVIDIA Corporation from a “buy” rating to a “strong-buy” rating and set a $174.03 price objective on the stock in a research note on Monday, June 12th. Zacks Investment Research upgraded NVIDIA Corporation from a “hold” rating to a “strong-buy” rating and set a $169.00 price objective on the stock in a research note on Tuesday, July 11th. Canaccord Genuity reaffirmed a “buy” rating and issued a $190.00 target price on shares of NVIDIA Corporation in a research report on Friday, September 8th. Mizuho reaffirmed a “buy” rating and issued a $170.00 target price (up previously from $145.00) on shares of NVIDIA Corporation in a research report on Wednesday, June 28th. Finally, BidaskClub raised NVIDIA Corporation from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 24th. Six equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $155.31.
The firm’s 50-day moving average price is $171.68 and its 200-day moving average price is $144.85. The firm has a market capitalization of $108.46 billion, a price-to-earnings ratio of 51.99 and a beta of 1.28.
NVIDIA Corporation (NASDAQ:NVDA) last released its quarterly earnings results on Thursday, August 10th. The computer hardware maker reported $1.01 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.32. NVIDIA Corporation had a net margin of 27.41% and a return on equity of 39.59%. The business had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $1.96 billion. During the same period last year, the firm earned $0.53 earnings per share. The company’s quarterly revenue was up 56.2% on a year-over-year basis. Equities research analysts predict that NVIDIA Corporation will post $3.63 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 18th. Shareholders of record on Thursday, August 24th were given a $0.14 dividend. The ex-dividend date of this dividend was Tuesday, August 22nd. This represents a $0.56 annualized dividend and a yield of 0.31%. NVIDIA Corporation’s payout ratio is presently 15.86%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Evercore Wealth Management LLC raised its position in NVIDIA Corporation by 36.9% in the second quarter. Evercore Wealth Management LLC now owns 765 shares of the computer hardware maker’s stock worth $110,000 after acquiring an additional 206 shares during the period. TB Alternative Assets Ltd. bought a new position in NVIDIA Corporation in the second quarter worth approximately $116,000. Proficio Capital Partners LLC raised its position in NVIDIA Corporation by 186.1% in the first quarter. Proficio Capital Partners LLC now owns 841 shares of the computer hardware maker’s stock worth $117,000 after acquiring an additional 547 shares during the period. Thompson Davis & CO. Inc. raised its position in NVIDIA Corporation by 0.7% in the second quarter. Thompson Davis & CO. Inc. now owns 822 shares of the computer hardware maker’s stock worth $119,000 after acquiring an additional 6 shares during the period. Finally, Hanson McClain Inc. raised its position in NVIDIA Corporation by 12.7% in the second quarter. Hanson McClain Inc. now owns 881 shares of the computer hardware maker’s stock worth $127,000 after acquiring an additional 99 shares during the period. Institutional investors and hedge funds own 65.79% of the company’s stock.
NVIDIA Corporation Company Profile
Nvidia Corporation focuses on personal computer (PC) graphics, graphics processing unit (GPU) and also on artificial intelligence (AI). The Company’s operates through two segments: GPU and Tegra Processor. The Company’s GPU product brands are aimed at specialized markets, including GeForce for gamers; Quadro for designers; Tesla and DGX for AI data scientists and big data researchers; and GRID for cloud-based visual computing users.
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