Traders Buy NVIDIA Corporation (NASDAQ:NVDA) on Weakness Following Insider Selling
Investors bought shares of NVIDIA Corporation (NASDAQ:NVDA) on weakness during trading hours on Monday following insider selling activity. $1,213.06 million flowed into the stock on the tick-up and $1,193.56 million flowed out of the stock on the tick-down, for a money net flow of $19.50 million into the stock. Of all stocks tracked, NVIDIA Corporation had the 31st highest net in-flow for the day. NVIDIA Corporation traded down ($1.68) for the day and closed at $152.15Specifically, Director Harvey C. Jones sold 145,520 shares of the business’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $159.31, for a total transaction of $23,182,791.20. Following the completion of the transaction, the director now directly owns 30,762 shares in the company, valued at $4,900,694.22. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Tench Coxe sold 50,000 shares of the business’s stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $129.48, for a total value of $6,474,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 622,282 shares of company stock worth $93,304,082. 5.82% of the stock is currently owned by corporate insiders.
NVDA has been the subject of several recent analyst reports. BMO Capital Markets restated an “underperform” rating and set a $85.00 target price on shares of NVIDIA Corporation in a research report on Wednesday, May 10th. Bank of America Corporation restated a “buy” rating and set a $185.00 target price on shares of NVIDIA Corporation in a research report on Wednesday, June 21st. Roth Capital restated a “neutral” rating on shares of NVIDIA Corporation in a research report on Wednesday, May 10th. Zacks Investment Research upgraded NVIDIA Corporation from a “hold” rating to a “strong-buy” rating and set a $169.00 target price for the company in a research report on Tuesday, July 11th. Finally, Citigroup Inc. restated a “buy” rating and set a $145.00 target price on shares of NVIDIA Corporation in a research report on Wednesday, May 10th. Six equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty-one have given a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $133.80.
The firm has a 50 day moving average of $145.38 and a 200-day moving average of $115.28. The company has a market cap of $98.15 billion, a P/E ratio of 55.37 and a beta of 1.23. NVIDIA Corporation also saw unusually large options trading activity on Thursday. Stock investors bought 87,386 put options on the company. This is an increase of approximately 102% compared to the average daily volume of 43,185 put options.
NVIDIA Corporation (NASDAQ:NVDA) last issued its quarterly earnings data on Tuesday, May 9th. The computer hardware maker reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.16. The company had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.91 billion. NVIDIA Corporation had a net margin of 25.95% and a return on equity of 36.40%. NVIDIA Corporation’s revenue for the quarter was up 48.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.46 earnings per share. Analysts forecast that NVIDIA Corporation will post $3.09 earnings per share for the current fiscal year.
A number of institutional investors have recently modified their holdings of the company. Raymond James Trust N.A. increased its position in shares of NVIDIA Corporation by 20.3% in the first quarter. Raymond James Trust N.A. now owns 12,806 shares of the computer hardware maker’s stock worth $1,395,000 after buying an additional 2,160 shares during the last quarter. Catawba Capital Management VA acquired a new position in shares of NVIDIA Corporation during the first quarter worth about $218,000. Fulton Bank N.A. acquired a new position in shares of NVIDIA Corporation during the first quarter worth about $326,000. CENTRAL TRUST Co increased its position in shares of NVIDIA Corporation by 6.3% in the first quarter. CENTRAL TRUST Co now owns 7,056 shares of the computer hardware maker’s stock worth $769,000 after buying an additional 416 shares during the last quarter. Finally, Atalanta Sosnoff Capital LLC acquired a new position in shares of NVIDIA Corporation during the first quarter worth about $39,192,000. 70.08% of the stock is owned by institutional investors.
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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