Granite Islands Private Wealth LLC Acquires 3,789 Shares of NVIDIA Corporation $NVDA

Key Points

• Granite Islands Private Wealth increased its NVIDIA stake 7.3%, adding 3,789 shares in the third quarter to hold 55,994 shares valued at about $12.75 million.
• NVIDIA reported quarterly revenue of $96.22 billion, up 105.9% year over year, and EPS of $2.22, beating analyst estimates. Its board also authorized a $150 billion share-repurchase program.
• Analyst sentiment was broadly positive, with a consensus “Buy” rating and an average price target of $314.24, though insiders sold 1.77 million shares worth about $399 million during the quarter.

Granite Islands Private Wealth LLC increased its stake in shares of NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 7.3% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 55,994 shares of the computer hardware maker's stock after acquiring an additional 3,789 shares during the period. NVIDIA accounts for about 7.3% of Granite Islands Private Wealth LLC's holdings, making the stock its 2nd largest position. Granite Islands Private Wealth LLC's holdings in NVIDIA were worth $12,749,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Montgomery Financial Services LLC bought a new stake in shares of NVIDIA during the 2nd quarter worth $28,000. Newton One Investments LLC bought a new position in shares of NVIDIA in the third quarter worth about $34,000. Phillip James Consulting Co. bought a new position in shares of NVIDIA in the first quarter worth about $40,000. Bard Associates Inc. lifted its position in shares of NVIDIA by 8,866.7% during the 2nd quarter. Bard Associates Inc. now owns 269 shares of the computer hardware maker's stock worth $54,000 after purchasing an additional 266 shares during the last quarter. Finally, Frankly Finances LLC acquired a new position in shares of NVIDIA during the 2nd quarter worth about $60,000. 65.27% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Mark A. Stevens sold 622,239 shares of the firm's stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $231.62, for a total value of $144,122,997.18. Following the transaction, the director owned 2,336,531 shares of the company's stock, valued at approximately $541,187,310.22. This trade represents a 21.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Timothy S. Teter sold 30,460 shares of NVIDIA stock in a transaction on Monday, September 21st. The stock was sold at an average price of $222.80, for a total transaction of $6,786,488.00. Following the sale, the executive vice president directly owned 2,687,660 shares of the company's stock, valued at $598,810,648. This represents a 1.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 1,766,118 shares of company stock valued at $399,450,353. 3.94% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on NVDA. Citigroup decreased their target price on NVIDIA from $315.00 to $285.00 and set a "buy" rating for the company in a research note on Tuesday. KGI Securities lifted their price target on NVIDIA from $335.00 to $345.00 in a research report on Thursday, August 27th. Truist Financial upped their price target on NVIDIA from $307.00 to $346.00 and gave the stock a "buy" rating in a report on Thursday, August 27th. TD Cowen reissued a "buy" rating on shares of NVIDIA in a research report on Tuesday, August 18th. Finally, Mizuho set a $250.00 price objective on shares of NVIDIA in a research note on Monday. Five research analysts have rated the stock with a Strong Buy rating, forty-six have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $314.24.

NVIDIA Stock Up 2.9%

NASDAQ NVDA opened at $173.73 on Thursday. The stock's 50 day simple moving average is $217.12 and its 200 day simple moving average is $204.35. NVIDIA Corporation has a one year low of $164.27 and a one year high of $243.37. The firm has a market cap of $4.19 trillion, a PE ratio of 21.96, a price-to-earnings-growth ratio of 1.30 and a beta of 2.21. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.59 and a quick ratio of 3.85.

NVIDIA (NASDAQ:NVDA - Get Free Report) last issued its quarterly earnings data on Wednesday, August 26th. The computer hardware maker reported $2.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.13. NVIDIA had a return on equity of 96.04% and a net margin of 63.66%. The firm had revenue of $96.22 billion during the quarter, compared to the consensus estimate of $92.27 billion. During the same quarter in the previous year, the company posted $1.05 EPS. The business's revenue for the quarter was up 105.9% compared to the same quarter last year. As a group, sell-side analysts forecast that NVIDIA Corporation will post 9.30 earnings per share for the current fiscal year.

NVIDIA declared that its Board of Directors has authorized a share repurchase program on Monday, September 28th that permits the company to buy back $150 billion in shares. This buyback authorization permits the computer hardware maker to buy up to 2.8% of its shares through open market purchases. Share buyback programs are typically an indication that the company's board believes its shares are undervalued.

NVIDIA Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Thursday, September 10th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.6%. The ex-dividend date was Thursday, September 10th. NVIDIA's payout ratio is 12.64%.

Trending Headlines about NVIDIA

These are some of the NVDA headlines that stood out recently:

• Neutral Sentiment: Analyst views remain divided: Baird cut its rating to Neutral and sharply lowered its target, while Morgan Stanley retained an Overweight rating and a $300 target. Article: Analysts disagree on Nvidia
• Negative Sentiment: The New York Times reported a second alleged relationship involving Huang and a direct report; the Wall Street Journal separately reported that NVIDIA’s board is preparing to oust him. The reports raise leadership, governance, and succession concerns for a company closely associated with its longtime CEO. Article: Report on Huang’s future at Nvidia
• Negative Sentiment: Competition may intensify as OpenAI reportedly plans more vertically integrated infrastructure, including its own chips, while Alphabet is advancing its TPU systems. Both developments could reduce reliance on NVIDIA over time. Article: Alphabet escalates AI chip rivalry

NVIDIA Company Profile

NVIDIA Corporation develops graphics processing units (GPUs), accelerated computing platforms and related software. Founded in 1993, the company first became widely known for GPUs used in PC gaming and professional graphics. Its technology now also supports artificial intelligence, scientific computing and other data-intensive applications. NVIDIA's offerings include GeForce products for gaming, data-center GPUs and systems for AI workloads, and networking products that connect computing infrastructure.

Want to see what other hedge funds are holding NVDA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NVIDIA Corporation (NASDAQ:NVDA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.