NVIDIA (NASDAQ:NVDA) Stock Price Up 5.2%

NVIDIA Co. (NASDAQ:NVDA)’s share price was up 5.2% during mid-day trading on Thursday . The company traded as high as $119.47 and last traded at $119.23. Approximately 94,140,383 shares were traded during trading, a decline of 78% from the average daily volume of 434,556,906 shares. The stock had previously closed at $113.37.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Morgan Stanley increased their target price on NVIDIA from $144.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Benchmark reissued a “buy” rating and set a $170.00 target price on shares of NVIDIA in a research report on Thursday, August 29th. Jefferies Financial Group raised their price target on shares of NVIDIA from $135.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Craig Hallum boosted their price objective on NVIDIA from $125.00 to $165.00 and gave the stock a “buy” rating in a report 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 research report on Monday, August 5th. Five analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $142.10.

NVIDIA Stock Up 4.9 %

The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27. The company has a fifty day simple moving average of $116.45 and a two-hundred day simple moving average of $106.68. The firm has a market capitalization of $2.93 trillion, a PE ratio of 69.54, a PEG ratio of 1.06 and a beta of 1.67.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 EPS for the quarter, beating the consensus estimate of $0.64 by $0.04. The firm had revenue of $30.04 billion during the quarter, compared to analyst estimates of $28.74 billion. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The business’s revenue for the quarter was up 122.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.25 EPS. Analysts forecast that NVIDIA Co. will post 2.64 EPS for the current fiscal year.

NVIDIA Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th will be paid a dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.04 annualized dividend and a yield of 0.03%. NVIDIA’s payout ratio is presently 2.34%.

NVIDIA announced that its Board of Directors has approved a share repurchase program on Wednesday, August 28th that authorizes the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization authorizes the computer hardware maker to buy up to 1.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at NVIDIA

In other NVIDIA news, CEO Jen Hsun Huang sold 120,000 shares of the company’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $134.10, for a total value of $16,092,000.00. Following the completion of the transaction, the chief executive officer now owns 79,254,995 shares in the company, valued at $10,628,094,829.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, EVP Ajay K. Puri sold 100,110 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $130.10, for a total value of $13,024,311.00. Following the completion of the transaction, the executive vice president now directly owns 3,939,350 shares of the company’s stock, valued at approximately $512,509,435. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jen Hsun Huang sold 120,000 shares of NVIDIA stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $134.10, for a total transaction of $16,092,000.00. Following the sale, the chief executive officer now directly owns 79,254,995 shares in the company, valued at approximately $10,628,094,829.50. The disclosure for this sale can be found here. Insiders sold a total of 3,725,633 shares of company stock worth $449,025,722 in the last three months. Company insiders own 4.23% of the company’s stock.

Hedge Funds Weigh In On NVIDIA

Institutional investors and hedge funds have recently bought and sold shares of the business. FPC Investment Advisory Inc. purchased a new stake in shares of NVIDIA in the first quarter valued at about $26,000. Koesten Hirschmann & Crabtree INC. acquired a new position in NVIDIA in the first quarter valued at approximately $27,000. HBC Financial Services PLLC purchased a new stake in NVIDIA in the first quarter valued at $30,000. Norwood Financial Corp purchased a new stake in NVIDIA in the 1st quarter valued at about $45,000. Finally, Coston McIsaac & Partners raised its position in NVIDIA by 231.3% in the first quarter. Coston McIsaac & Partners now owns 53 shares of the computer hardware maker’s stock valued at $47,000 after purchasing an additional 37 shares during the period. 65.27% of the stock is currently owned by institutional investors and hedge funds.

NVIDIA Company Profile

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.