NVIDIA (NASDAQ:NVDA) Reaches New 52-Week High – Here’s What Happened

NVIDIA Co. (NASDAQ:NVDA) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $144.60 and last traded at $143.60, with a volume of 31469057 shares changing hands. The stock had previously closed at $139.91.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Craig Hallum upped their target price on NVIDIA from $125.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. New Street Research raised NVIDIA from a “neutral” rating to a “buy” rating and set a $120.00 price objective for the company in a research report on Tuesday, August 6th. JPMorgan Chase & Co. increased their price objective on NVIDIA from $115.00 to $155.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Raymond James increased their price objective on NVIDIA from $120.00 to $140.00 and gave the stock a “strong-buy” rating in a research report on Thursday, August 29th. Finally, UBS Group reaffirmed a “buy” rating and set a $150.00 price objective on shares of NVIDIA in a research report on Tuesday, October 8th. Five investment analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $143.07.

NVIDIA Stock Down 0.8 %

The firm has a fifty day moving average price of $127.27 and a 200-day moving average price of $117.94. The company has a quick ratio of 3.79, a current ratio of 4.27 and a debt-to-equity ratio of 0.15. The firm has a market cap of $3.62 trillion, a price-to-earnings ratio of 69.25, a PEG ratio of 1.54 and a beta of 1.66.

NVIDIA (NASDAQ:NVDA) last posted its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share (EPS) 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 business had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. During the same quarter last year, the firm earned $0.25 earnings per share. The business’s revenue was up 122.4% on a year-over-year basis. As a group, sell-side analysts forecast that NVIDIA Co. will post 2.66 EPS for the current year.

NVIDIA Cuts Dividend

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

NVIDIA declared that its Board of Directors has authorized a share buyback plan on Wednesday, August 28th that permits the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization permits the computer hardware maker to reacquire up to 1.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity at NVIDIA

In related news, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction on Monday, September 9th. The stock was sold at an average price of $105.33, for a total value of $12,639,600.00. Following the transaction, the chief executive officer now owns 75,895,836 shares in the company, valued at approximately $7,994,108,405.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $105.33, for a total value of $12,639,600.00. Following the transaction, the chief executive officer now directly owns 75,895,836 shares of the company’s stock, valued at $7,994,108,405.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Donald F. Robertson, Jr. sold 4,500 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $116.51, for a total value of $524,295.00. Following the completion of the transaction, the insider now directly owns 492,409 shares in the company, valued at $57,370,572.59. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,156,270 shares of company stock worth $254,784,327. 4.23% of the stock is owned by insiders.

Institutional Trading of NVIDIA

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Stonebridge Financial Planning Group LLC increased its position in shares of NVIDIA by 3.0% during the third quarter. Stonebridge Financial Planning Group LLC now owns 27,241 shares of the computer hardware maker’s stock worth $3,308,000 after acquiring an additional 781 shares during the last quarter. Altman Advisors Inc. increased its position in shares of NVIDIA by 0.5% during the third quarter. Altman Advisors Inc. now owns 51,432 shares of the computer hardware maker’s stock worth $6,246,000 after acquiring an additional 274 shares during the last quarter. Glaxis Capital Management LLC purchased a new stake in shares of NVIDIA during the third quarter worth about $364,000. Grandfield & Dodd LLC increased its position in shares of NVIDIA by 3.7% during the third quarter. Grandfield & Dodd LLC now owns 11,065 shares of the computer hardware maker’s stock worth $1,344,000 after acquiring an additional 392 shares during the last quarter. Finally, JW Asset Management LLC increased its position in shares of NVIDIA by 3.9% during the third quarter. JW Asset Management LLC now owns 292,250 shares of the computer hardware maker’s stock worth $35,491,000 after acquiring an additional 11,000 shares during the last quarter. 65.27% of the stock is owned by hedge funds and other institutional investors.

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.