Traders Buy Shares of Nvidia Corp. (NVDA) on Weakness
Traders bought shares of Nvidia Corp. (NASDAQ:NVDA) on weakness during trading on Wednesday. $108.13 million flowed into the stock on the tick-up and $78.49 million flowed out of the stock on the tick-down, for a money net flow of $29.64 million into the stock. Of all companies tracked, Nvidia Corp. had the 10th highest net in-flow for the day. Nvidia Corp. traded down ($0.38) for the day and closed at $58.51
A number of equities analysts recently issued reports on the company. Barclays PLC raised their target price on Nvidia Corp. from $30.00 to $40.00 and gave the stock an “underweight” rating in a research note on Wednesday. B. Riley reiterated a “buy” rating and set a $64.50 price objective on shares of Nvidia Corp. in a research note on Wednesday. Roth Capital set a $68.00 price objective on Nvidia Corp. and gave the company a “buy” rating in a research note on Tuesday. Pacific Crest reiterated a “hold” rating on shares of Nvidia Corp. in a research note on Friday, August 5th. Finally, Jefferies Group lifted their price objective on Nvidia Corp. to $69.00 and gave the company a “buy” rating in a research note on Monday. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eighteen have given a buy rating to the company. Nvidia Corp. currently has an average rating of “Hold” and a consensus target price of $45.46.
The company has a market cap of $31.24 billion and a price-to-earnings ratio of 49.92. The firm has a 50 day moving average price of $52.63 and a 200-day moving average price of $40.32.
Nvidia Corp. (NASDAQ:NVDA) last announced its quarterly earnings results on Thursday, May 12th. The computer hardware maker reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.14. The company earned $1.31 billion during the quarter, compared to analyst estimates of $1.26 billion. The firm’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.33 EPS. On average, equities research analysts forecast that Nvidia Corp. will post $1.58 EPS for the current fiscal year.
In other Nvidia Corp. news, CAO David M. Shannon sold 271,049 shares of Nvidia Corp. stock in a transaction on Monday, May 16th. The shares were sold at an average price of $42.07, for a total value of $11,403,031.43. Following the transaction, the chief accounting officer now owns 444,329 shares in the company, valued at approximately $18,692,921.03. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Mark A. Stevens sold 150,000 shares of Nvidia Corp. stock in a transaction on Tuesday, May 24th. The shares were sold at an average price of $45.41, for a total transaction of $6,811,500.00. Following the completion of the transaction, the director now owns 31,253 shares in the company, valued at approximately $1,419,198.73. The disclosure for this sale can be found here.
Other institutional investors recently made changes to their positions in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Nvidia Corp. by 1.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 33,393 shares of the computer hardware maker’s stock worth $1,101,000 after buying an additional 494 shares during the period. Mitsubishi UFJ Kokusai Asset Management CO. LTD. increased its position in shares of Nvidia Corp. by 6.7% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 71,271 shares of the computer hardware maker’s stock worth $2,349,000 after buying an additional 4,493 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Nvidia Corp. by 353.2% in the fourth quarter. Victory Capital Management Inc. now owns 98,515 shares of the computer hardware maker’s stock worth $3,247,000 after buying an additional 76,779 shares in the last quarter. Andra AP fonden increased its position in shares of Nvidia Corp. by 3.4% in the fourth quarter. Andra AP fonden now owns 102,900 shares of the computer hardware maker’s stock worth $3,392,000 after buying an additional 3,400 shares in the last quarter. Finally, Advantus Capital Management Inc increased its position in shares of Nvidia Corp. by 3.6% in the fourth quarter. Advantus Capital Management Inc now owns 49,653 shares of the computer hardware maker’s stock worth $1,637,000 after buying an additional 1,736 shares in the last quarter.
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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