Exchange Traded Concepts LLC Acquires 309,363 Shares of NVIDIA Co. (NASDAQ:NVDA)

Exchange Traded Concepts LLC increased its holdings in shares of NVIDIA Co. (NASDAQ:NVDA) by 45.3% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 992,707 shares of the computer hardware maker’s stock after acquiring an additional 309,363 shares during the period. NVIDIA accounts for approximately 2.8% of Exchange Traded Concepts LLC’s portfolio, making the stock its biggest position. Exchange Traded Concepts LLC’s holdings in NVIDIA were worth $120,554,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Lowe Wealth Advisors LLC acquired a new position in shares of NVIDIA during the 2nd quarter worth approximately $25,000. DHJJ Financial Advisors Ltd. increased its holdings in NVIDIA by 1,900.0% during the second quarter. DHJJ Financial Advisors Ltd. now owns 200 shares of the computer hardware maker’s stock worth $25,000 after buying an additional 190 shares during the last quarter. FPC Investment Advisory Inc. bought a new stake in NVIDIA during the first quarter worth $26,000. CGC Financial Services LLC bought a new stake in NVIDIA during the second quarter worth $26,000. Finally, Koesten Hirschmann & Crabtree INC. acquired a new stake in NVIDIA in the first quarter valued at $27,000. Institutional investors and hedge funds own 65.27% of the company’s stock.

NVIDIA Stock Performance

Shares of NVIDIA stock opened at $146.76 on Friday. The stock has a market cap of $3.60 trillion, a price-to-earnings ratio of 68.84, a P/E/G ratio of 1.56 and a beta of 1.66. NVIDIA Co. has a twelve month low of $45.01 and a twelve month high of $149.77. The company’s fifty day moving average is $129.39 and its 200 day moving average is $119.51. The company has a quick ratio of 3.79, a current ratio of 4.27 and a debt-to-equity ratio of 0.15.

NVIDIA (NASDAQ:NVDA) last announced its earnings results 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 business had revenue of $30.04 billion for the quarter, compared to analysts’ expectations of $28.74 billion. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The firm’s revenue was up 122.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.25 earnings per share. 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. 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 payout ratio is 1.88%.

NVIDIA declared that its Board of Directors has initiated a stock buyback program on Wednesday, August 28th that authorizes the company to buyback $50.00 billion in outstanding shares. This buyback authorization authorizes the computer hardware maker to purchase up to 1.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Loop Capital reaffirmed a “buy” rating and issued a $175.00 target price on shares of NVIDIA in a report on Monday, August 26th. Redburn Atlantic initiated coverage on NVIDIA in a research report on Tuesday. They set a “buy” rating and a $178.00 price target on the stock. Wells Fargo & Company raised their price objective on NVIDIA from $155.00 to $165.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Susquehanna lifted their target price on NVIDIA from $160.00 to $180.00 and gave the stock a “positive” rating in a research note on Thursday. Finally, Citigroup increased their price target on NVIDIA from $150.00 to $170.00 and gave the company a “buy” rating in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating, thirty-eight have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $152.40.

Insider Buying and Selling at NVIDIA

In other NVIDIA news, Director Mark A. Stevens sold 155,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total value of $20,501,850.00. Following the transaction, the director now directly owns 8,100,117 shares of the company’s stock, valued at approximately $1,071,402,475.59. The trade was a 1.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Colette Kress sold 66,670 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $116.59, for a total value of $7,773,055.30. Following the transaction, the chief financial officer now owns 4,954,214 shares in the company, valued at $577,611,810.26. The trade was a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,156,270 shares of company stock valued at $254,784,327. 4.23% of the stock is currently owned by insiders.

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.