Traders Buy Nvidia Corp. (NVDA) on Weakness on Insider Selling
Traders purchased shares of Nvidia Corp. (NASDAQ:NVDA) on weakness during trading on Friday after an insider sold shares in the company. $108.75 million flowed into the stock on the tick-up and $76.51 million flowed out of the stock on the tick-down, for a money net flow of $32.24 million into the stock. Of all equities tracked, Nvidia Corp. had the 27th highest net in-flow for the day. Nvidia Corp. traded down ($0.49) for the day and closed at $66.85Specifically, insider Michael Byron sold 409 shares of the stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $63.35, for a total transaction of $25,910.15. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Jen Hsun Huang sold 40,000 shares of the stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $58.66, for a total value of $2,346,400.00. Following the sale, the insider now owns 1,817,279 shares in the company, valued at $106,601,586.14. The disclosure for this sale can be found here. Corporate insiders own 5.82% of the company’s stock.
Several brokerages have commented on NVDA. RBC Capital Markets upgraded Nvidia Corp. from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $47.00 to $72.00 in a research note on Friday, August 12th. KeyCorp reiterated a “hold” rating on shares of Nvidia Corp. in a research note on Wednesday, July 6th. B. Riley reiterated a “buy” rating and set a $64.50 target price on shares of Nvidia Corp. in a research note on Wednesday, August 10th. Vetr downgraded Nvidia Corp. from a “sell” rating to a “strong sell” rating and set a $49.47 target price on the stock. in a research note on Monday, July 25th. Finally, Argus increased their target price on Nvidia Corp. from $54.00 to $72.00 and gave the company a “buy” rating in a research note on Monday, August 15th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nineteen have given a buy rating to the company. Nvidia Corp. has an average rating of “Hold” and a consensus price target of $58.60.
The stock’s 50-day moving average is $63.73 and its 200 day moving average is $49.91. The firm has a market capitalization of $35.76 billion, a price-to-earnings ratio of 43.92 and a beta of 1.25.
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Nvidia Corp. (NASDAQ:NVDA) last posted its earnings results on Thursday, August 11th. The computer hardware maker reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.16. Nvidia Corp. had a net margin of 16.58% and a return on equity of 20.86%. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period in the prior year, the company posted $0.34 EPS. The company’s revenue for the quarter was up 23.9% on a year-over-year basis. Equities research analysts forecast that Nvidia Corp. will post $1.85 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Thursday, August 25th were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date was Tuesday, August 23rd. Nvidia Corp.’s dividend payout ratio is presently 30.26%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. West Oak Capital LLC raised its position in shares of Nvidia Corp. by 183.6% in the third quarter. West Oak Capital LLC now owns 1,560 shares of the computer hardware maker’s stock worth $107,000 after buying an additional 1,010 shares in the last quarter. Brick & Kyle Associates raised its position in shares of Nvidia Corp. by 25.1% in the second quarter. Brick & Kyle Associates now owns 2,502 shares of the computer hardware maker’s stock worth $118,000 after buying an additional 502 shares in the last quarter. Compagnie Lombard Odier SCmA raised its position in shares of Nvidia Corp. by 72.6% in the second quarter. Compagnie Lombard Odier SCmA now owns 3,365 shares of the computer hardware maker’s stock worth $159,000 after buying an additional 1,415 shares in the last quarter. Aviance Capital Management LLC bought a new position in shares of Nvidia Corp. during the second quarter worth $200,000. Finally, Stratos Wealth Partners LTD. bought a new position in shares of Nvidia Corp. during the second quarter worth $201,000. 86.37% of the stock is currently owned by hedge funds and other institutional investors.
About Nvidia Corp.
NVIDIA Corporation (NVIDIA) is engaged in visual computing. The Company operates through segments, including GPU and Tegra Processor. Its GPU businesses include GeForce for personal computer (PC) gaming; Quadro for design professionals working in computer-aided design, video editing, special effects and other creative applications; Tesla for deep learning and accelerated computing, leveraging the parallel computing capabilities of graphics processing units (GPUs) for general purpose computing, and GRID to provide the power of NVIDIA graphics through the cloud and datacenters.
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