Traders Buy NVIDIA Corporation (NVDA) on Weakness

Investors purchased shares of NVIDIA Corporation (NASDAQ:NVDA) on weakness during trading hours on Tuesday. $927.37 million flowed into the stock on the tick-up and $887.86 million flowed out of the stock on the tick-down, for a money net flow of $39.51 million into the stock. Of all equities tracked, NVIDIA Corporation had the 16th highest net in-flow for the day. NVIDIA Corporation traded down ($2.05) for the day and closed at $170.30

Several brokerages have recently commented on NVDA. BidaskClub upgraded shares of NVIDIA Corporation from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Bank of America Corporation restated a “buy” rating on shares of NVIDIA Corporation in a research report on Monday. B. Riley restated a “buy” rating and issued a $200.00 target price on shares of NVIDIA Corporation in a research report on Monday. Canaccord Genuity restated a “buy” rating and issued a $180.00 target price (up from $155.00) on shares of NVIDIA Corporation in a research report on Monday, July 24th. Finally, Summit Redstone restated a “buy” rating on shares of NVIDIA Corporation in a research report on Saturday, July 22nd. Six investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty have given a buy rating and three have given a strong buy rating to the stock. NVIDIA Corporation currently has a consensus rating of “Hold” and a consensus target price of $136.24.

The firm has a market cap of $101.33 billion, a PE ratio of 57.17 and a beta of 1.24. The firm has a 50-day moving average of $158.02 and a 200-day moving average of $125.12.

NVIDIA Corporation (NASDAQ:NVDA) last announced its quarterly earnings data on Tuesday, May 9th. The computer hardware maker reported $0.82 EPS for the quarter, beating the consensus estimate of $0.66 by $0.16. The business had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.91 billion. NVIDIA Corporation had a return on equity of 36.40% and a net margin of 25.95%. The company’s revenue for the quarter was up 48.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.46 earnings per share. Analysts forecast that NVIDIA Corporation will post $3.10 EPS for the current year.

In other news, Director Harvey C. Jones sold 100,000 shares of NVIDIA Corporation stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $150.29, for a total value of $15,029,000.00. Following the completion of the transaction, the director now owns 30,762 shares of the company’s stock, valued at approximately $4,623,220.98. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director A Brooke Seawell sold 3,107 shares of NVIDIA Corporation stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $140.00, for a total value of $434,980.00. Following the completion of the transaction, the director now directly owns 5,165 shares of the company’s stock, valued at approximately $723,100. The disclosure for this sale can be found here. In the last ninety days, insiders sold 622,282 shares of company stock valued at $93,304,082. 5.17% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of NVDA. Quadrant Capital Group LLC raised its position in NVIDIA Corporation by 17.5% in the first quarter. Quadrant Capital Group LLC now owns 1,055 shares of the computer hardware maker’s stock valued at $105,000 after buying an additional 157 shares in the last quarter. TB Alternative Assets Ltd. bought a new position in NVIDIA Corporation during the second quarter valued at about $116,000. Proficio Capital Partners LLC raised its position in NVIDIA Corporation by 186.1% in the first quarter. Proficio Capital Partners LLC now owns 841 shares of the computer hardware maker’s stock valued at $117,000 after buying an additional 547 shares in the last quarter. Hanson McClain Inc. raised its position in NVIDIA Corporation by 12.7% in the second quarter. Hanson McClain Inc. now owns 881 shares of the computer hardware maker’s stock valued at $127,000 after buying an additional 99 shares in the last quarter. Finally, Coconut Grove Bank raised its position in NVIDIA Corporation by 683.9% in the first quarter. Coconut Grove Bank now owns 1,215 shares of the computer hardware maker’s stock valued at $132,000 after buying an additional 1,060 shares in the last quarter. 68.91% 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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