NVIDIA (NASDAQ:NVDA) Stock Price Up 2.7% – Here’s What Happened

NVIDIA Co. (NASDAQ:NVDA) shot up 2.7% during mid-day trading on Wednesday . The stock traded as high as $144.63 and last traded at $143.64. 86,019,602 shares were traded during mid-day trading, a decline of 79% from the average session volume of 405,359,094 shares. The stock had previously closed at $139.91.

Analysts Set New Price Targets

Several research analysts have recently issued reports on NVDA shares. Piper Sandler restated an “overweight” rating and issued a $140.00 price objective on shares of NVIDIA in a research note on Thursday, August 29th. TD Cowen raised shares of NVIDIA to a “strong-buy” rating in a report on Monday, September 16th. Benchmark reaffirmed a “buy” rating and set a $170.00 price target on shares of NVIDIA in a research report on Thursday, August 29th. Robert W. Baird lifted their price objective on NVIDIA from $120.00 to $150.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $100.00 target price on shares of NVIDIA in a report on Monday, August 5th. Five research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $143.07.

NVIDIA Stock Up 4.1 %

The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $3.57 trillion, a PE ratio of 68.30, a PEG ratio of 1.43 and a beta of 1.66. The business has a fifty day moving average of $126.08 and a 200 day moving average of $117.25.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings results on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.04. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The company had revenue of $30.04 billion for the quarter, compared to the consensus estimate of $28.74 billion. During the same quarter in the prior year, the business earned $0.25 EPS. NVIDIA’s revenue was up 122.4% on a year-over-year basis. Equities research analysts anticipate that NVIDIA Co. will post 2.66 EPS for the current year.

NVIDIA Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th were paid a $0.01 dividend. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $0.04 annualized dividend and a yield of 0.03%. NVIDIA’s dividend payout ratio is currently 1.88%.

NVIDIA announced that its board has approved a share buyback program on Wednesday, August 28th that permits the company to buyback $50.00 billion in outstanding shares. This buyback authorization permits the computer hardware maker to reacquire up to 1.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at NVIDIA

In other NVIDIA news, insider Donald F. Robertson, Jr. sold 4,500 shares of NVIDIA stock in a transaction on Friday, September 20th. The shares were sold at an average price of $116.51, for a total value of $524,295.00. Following the transaction, the insider now directly owns 492,409 shares in the company, valued at approximately $57,370,572.59. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Donald F. Robertson, Jr. sold 4,500 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $116.51, for a total transaction of $524,295.00. Following the completion of the transaction, the insider now directly owns 492,409 shares of the company’s stock, valued at approximately $57,370,572.59. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Tench Coxe sold 1,000,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $119.27, for a total value of $119,270,000.00. Following the completion of the sale, the director now directly owns 5,852,480 shares of the company’s stock, valued at approximately $698,025,289.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,276,270 shares of company stock worth $267,363,927. 4.23% of the stock is owned by insiders.

Institutional Investors Weigh In On NVIDIA

Several hedge funds have recently modified their holdings of NVDA. Schneider Downs Wealth Management Advisors LP lifted its position in NVIDIA by 4.0% during the third quarter. Schneider Downs Wealth Management Advisors LP now owns 7,709 shares of the computer hardware maker’s stock worth $936,000 after buying an additional 300 shares during the period. Turtle Creek Wealth Advisors LLC increased its stake in shares of NVIDIA by 9.2% during the 3rd quarter. Turtle Creek Wealth Advisors LLC now owns 72,085 shares of the computer hardware maker’s stock valued at $8,754,000 after acquiring an additional 6,061 shares during the last quarter. Cutler Investment Counsel LLC lifted its holdings in shares of NVIDIA by 19.9% during the 3rd quarter. Cutler Investment Counsel LLC now owns 5,235 shares of the computer hardware maker’s stock worth $636,000 after acquiring an additional 869 shares during the period. SRS Capital Advisors Inc. boosted its position in shares of NVIDIA by 9.0% in the third quarter. SRS Capital Advisors Inc. now owns 49,861 shares of the computer hardware maker’s stock worth $6,055,000 after acquiring an additional 4,106 shares during the last quarter. Finally, Straight Path Wealth Management purchased a new stake in NVIDIA in the third quarter valued at approximately $217,000. 65.27% of the stock is owned by institutional investors and hedge funds.

About NVIDIA

NVIDIA Corporation provides graphics and compute and networking solutions in the United States, Taiwan, China, Hong Kong, and internationally. The Graphics segment offers GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics; virtual GPU or vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building and operating metaverse and 3D internet applications.