Investors Buy NVIDIA (NVDA) on Weakness
Investors bought shares of NVIDIA Co. (NASDAQ:NVDA) on weakness during trading on Wednesday. $679.89 million flowed into the stock on the tick-up and $604.03 million flowed out of the stock on the tick-down, for a money net flow of $75.86 million into the stock. Of all equities tracked, NVIDIA had the 13th highest net in-flow for the day. NVIDIA traded down ($5.72) for the day and closed at $247.53
Several equities research analysts recently issued reports on the stock. BidaskClub cut shares of NVIDIA from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 26th. Zacks Investment Research cut shares of NVIDIA from a “buy” rating to a “hold” rating in a research report on Wednesday. FBN Securities assumed coverage on shares of NVIDIA in a research report on Tuesday, June 26th. They set an “outperform” rating and a $300.00 price objective for the company. B. Riley raised their price objective on shares of NVIDIA from $290.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, May 11th. Finally, Benchmark assumed coverage on shares of NVIDIA in a research report on Tuesday, June 26th. They set a “buy” rating and a $280.00 price objective for the company. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-nine have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $264.62.
The company has a debt-to-equity ratio of 0.26, a quick ratio of 7.82 and a current ratio of 8.54. The company has a market cap of $151.29 billion, a P/E ratio of 53.47, a P/E/G ratio of 3.44 and a beta of 1.52.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 15th. Stockholders of record on Thursday, May 24th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.24%. The ex-dividend date was Wednesday, May 23rd. NVIDIA’s payout ratio is 12.85%.
In other news, insider Michael Byron sold 15,131 shares of the firm’s stock in a transaction that occurred on Monday, May 21st. The shares were sold at an average price of $245.02, for a total value of $3,707,397.62. Following the completion of the transaction, the insider now owns 92,285 shares of the company’s stock, valued at $22,611,670.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Ajay K. Puri sold 38,676 shares of the firm’s stock in a transaction that occurred on Tuesday, May 15th. The shares were sold at an average price of $255.36, for a total transaction of $9,876,303.36. Following the completion of the transaction, the executive vice president now directly owns 508,962 shares of the company’s stock, valued at approximately $129,968,536.32. The disclosure for this sale can be found here. In the last three months, insiders sold 308,308 shares of company stock valued at $77,491,336. Insiders own 4.70% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. SB Investment Advisers UK Ltd. purchased a new position in NVIDIA in the fourth quarter worth approximately $5,200,218,000. Prudential Financial Inc. lifted its stake in NVIDIA by 97.4% in the first quarter. Prudential Financial Inc. now owns 1,711,921 shares of the computer hardware maker’s stock worth $396,464,000 after acquiring an additional 844,514 shares during the last quarter. Summit Trail Advisors LLC lifted its stake in NVIDIA by 24,174.1% in the first quarter. Summit Trail Advisors LLC now owns 756,866 shares of the computer hardware maker’s stock worth $757,000 after acquiring an additional 753,748 shares during the last quarter. BlackRock Inc. lifted its stake in NVIDIA by 1.2% in the first quarter. BlackRock Inc. now owns 38,108,394 shares of the computer hardware maker’s stock worth $8,825,523,000 after acquiring an additional 461,007 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in NVIDIA in the first quarter worth approximately $103,858,000. 65.03% of the stock is owned by institutional investors and hedge funds.
NVIDIA Corporation operates as a visual computing company worldwide. It operates through two segments, GPU and Tegra Processor. The GPU segment offers processors, which include GeForce for PC gaming and mainstream PCs; GeForce NOW for cloud-based game-streaming service; Quadro for design professionals working in computer-aided design, video editing, special effects, and other creative applications; Tesla for AI utilizing deep learning, accelerated computing, and general purpose computing; GRID provides power of NVIDIA graphics through the cloud and datacenters; DGX for AI scientists, researchers, and developers; and cryptocurrency-specific graphics processing units.
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