Investors Sell NVIDIA Corporation (NASDAQ:NVDA) on Strength After Insider Selling
Investors sold shares of NVIDIA Corporation (NASDAQ:NVDA) on strength during trading hours on Wednesday following insider selling activity. $1,234.56 million flowed into the stock on the tick-up and $1,365.98 million flowed out of the stock on the tick-down, for a money net flow of $131.42 million out of the stock. Of all companies tracked, NVIDIA Corporation had the 0th highest net out-flow for the day. NVIDIA Corporation traded up $6.63 for the day and closed at $162.51Specifically, insider Michael Byron sold 25,507 shares of NVIDIA Corporation stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $137.09, for a total transaction of $3,496,754.63. Following the transaction, the insider now owns 162,706 shares in the company, valued at approximately $22,305,365.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Persis Drell sold 2,500 shares of NVIDIA Corporation stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $130.02, for a total value of $325,050.00. Following the transaction, the director now owns 24,652 shares in the company, valued at approximately $3,205,253.04. The disclosure for this sale can be found here. Insiders have sold a total of 622,282 shares of company stock worth $93,304,082 in the last quarter. 5.82% of the stock is currently owned by company insiders.
A number of equities research analysts have recently issued reports on NVDA shares. BMO Capital Markets reiterated an “underperform” rating and set a $85.00 price objective on shares of NVIDIA Corporation in a research note on Wednesday, May 10th. Bank of America Corporation reiterated a “buy” rating and set a $185.00 price objective on shares of NVIDIA Corporation in a research note on Wednesday, June 21st. Roth Capital reiterated a “neutral” rating on shares of NVIDIA Corporation in a research note on Wednesday, May 10th. 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. Finally, Citigroup Inc. reiterated a “buy” rating and set a $145.00 price objective on shares of NVIDIA Corporation in a research note on Wednesday, May 10th. Six research analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty have assigned a buy rating and three have assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $134.48.
The stock has a market cap of $99.49 billion, a PE ratio of 56.13 and a beta of 1.24. The firm has a 50-day moving average price of $156.80 and a 200-day moving average price of $124.22.
NVIDIA Corporation (NASDAQ:NVDA) last posted its quarterly earnings results on Tuesday, May 9th. The computer hardware maker reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.16. NVIDIA Corporation had a net margin of 25.95% and a return on equity of 36.40%. The firm had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.91 billion. During the same quarter in the previous year, the firm posted $0.46 earnings per share. The company’s revenue was up 48.7% on a year-over-year basis. Analysts expect that NVIDIA Corporation will post $3.10 earnings per share for the current fiscal year.
Hedge funds have recently bought and sold shares of the stock. CENTRAL TRUST Co increased its stake in NVIDIA Corporation by 6.3% in the first quarter. CENTRAL TRUST Co now owns 7,056 shares of the computer hardware maker’s stock valued at $769,000 after buying an additional 416 shares in the last quarter. Fulton Bank N.A. acquired a new position in shares of NVIDIA Corporation during the first quarter worth approximately $326,000. Catawba Capital Management VA acquired a new position in shares of NVIDIA Corporation during the first quarter worth approximately $218,000. 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 period. Finally, Exxonmobil Investment Management Inc. TX increased its position in shares of NVIDIA Corporation by 4.8% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 130,796 shares of the computer hardware maker’s stock worth $14,248,000 after buying an additional 6,036 shares during the period. 68.79% of the stock is owned by hedge funds and other institutional investors.
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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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