Traders Buy Shares of NVIDIA Corporation (NVDA) on Weakness
Investors purchased shares of NVIDIA Corporation (NASDAQ:NVDA) on weakness during trading hours on Tuesday. $992.60 million flowed into the stock on the tick-up and $919.86 million flowed out of the stock on the tick-down, for a money net flow of $72.74 million into the stock. Of all companies tracked, NVIDIA Corporation had the 3rd highest net in-flow for the day. NVIDIA Corporation traded down ($1.42) for the day and closed at $166.98
A number of equities analysts have commented on the stock. Bank of America Corporation restated a “buy” rating on shares of NVIDIA Corporation in a research report on Monday, August 7th. B. Riley restated a “buy” rating and set a $200.00 price objective (up previously from $135.00) on shares of NVIDIA Corporation in a research report on Monday, August 7th. BidaskClub upgraded shares of NVIDIA Corporation from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 8th. Vetr downgraded shares of NVIDIA Corporation from a “buy” rating to a “hold” rating and set a $177.02 price objective for the company. in a research report on Wednesday, August 9th. Finally, Citigroup Inc. restated a “buy” rating and set a $180.00 price objective on shares of NVIDIA Corporation in a research report on Thursday, August 10th. Six investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, nineteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $145.84.
The stock’s 50 day moving average price is $160.33 and its 200-day moving average price is $128.50. The stock has a market cap of $99.69 billion, a P/E ratio of 48.02 and a beta of 1.24.
NVIDIA Corporation (NASDAQ:NVDA) last announced its earnings results on Thursday, August 10th. The computer hardware maker reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.32. The firm had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $1.96 billion. NVIDIA Corporation had a return on equity of 39.99% and a net margin of 27.41%. The company’s revenue was up 56.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.53 earnings per share. Equities research analysts forecast that NVIDIA Corporation will post $3.60 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 18th. Shareholders of record on Thursday, August 24th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Tuesday, August 22nd. This represents a $0.56 dividend on an annualized basis and a yield of 0.34%. NVIDIA Corporation’s payout ratio is currently 15.86%.
In other NVIDIA Corporation news, Director Harvey C. Jones sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $150.29, for a total transaction of $15,029,000.00. Following the completion of the sale, the director now owns 30,762 shares of the company’s stock, valued at $4,623,220.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael Byron sold 25,507 shares of the company’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $137.09, for a total value of $3,496,754.63. Following the sale, the insider now directly owns 162,706 shares of the company’s stock, valued at approximately $22,305,365.54. The disclosure for this sale can be found here. Insiders have sold 572,282 shares of company stock valued at $86,830,082 in the last ninety days. Company insiders own 5.17% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC raised its position in shares of NVIDIA Corporation by 5,424.4% in the second quarter. Janus Henderson Group PLC now owns 4,096,888 shares of the computer hardware maker’s stock worth $592,244,000 after buying an additional 4,022,728 shares during the period. Wellington Management Group LLP raised its position in shares of NVIDIA Corporation by 499.0% in the first quarter. Wellington Management Group LLP now owns 4,104,980 shares of the computer hardware maker’s stock worth $447,156,000 after buying an additional 3,419,701 shares during the period. Vanguard Group Inc. raised its position in shares of NVIDIA Corporation by 7.1% in the second quarter. Vanguard Group Inc. now owns 40,257,187 shares of the computer hardware maker’s stock worth $5,819,579,000 after buying an additional 2,676,976 shares during the period. Ameriprise Financial Inc. raised its position in shares of NVIDIA Corporation by 46.6% in the first quarter. Ameriprise Financial Inc. now owns 5,257,325 shares of the computer hardware maker’s stock worth $572,695,000 after buying an additional 1,672,231 shares during the period. Finally, Jackson Square Partners LLC acquired a new position in shares of NVIDIA Corporation during the second quarter worth approximately $229,323,000. Institutional investors own 68.55% of the company’s stock.
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About NVIDIA Corporation
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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