NVIDIA (NASDAQ:NVDA) Shares Down 2.1% - Here's What Happened

NVIDIA Corporation (NASDAQ:NVDA - Get Free Report) shares dropped 2.1% during trading on Tuesday . The company traded as low as $164.58 and last traded at $167.84. Approximately 86,952,103 shares were traded during trading, a decline of 67% from the average daily volume of 262,743,313 shares. The stock had previously closed at $171.38.

Analyst Upgrades and Downgrades

NVDA has been the subject of several research analyst reports. Hsbc Global Res lowered NVIDIA from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 3rd. UBS Group reiterated a "buy" rating on shares of NVIDIA in a research report on Friday, May 23rd. Truist Financial raised their price target on NVIDIA from $205.00 to $210.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Mizuho set a $192.00 price target on NVIDIA and gave the company an "outperform" rating in a report on Tuesday, July 15th. Finally, Summit Insights raised NVIDIA from a "hold" rating to a "buy" rating in a report on Thursday, May 29th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-three have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, NVIDIA presently has a consensus rating of "Moderate Buy" and a consensus target price of $181.22.

NVIDIA Stock Down 2.1%

The firm's 50-day moving average price is $146.99 and its 200-day moving average price is $129.81. The company has a market cap of $4.09 trillion, a price-to-earnings ratio of 54.15, a price-to-earnings-growth ratio of 1.52 and a beta of 2.13. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.39 and a quick ratio of 2.96.

NVIDIA (NASDAQ:NVDA - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The computer hardware maker reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.06). The firm had revenue of $44.06 billion during the quarter, compared to the consensus estimate of $43.09 billion. NVIDIA had a net margin of 51.69% and a return on equity of 105.09%. The company's revenue for the quarter was up 69.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.61 earnings per share. Sell-side analysts forecast that NVIDIA Corporation will post 2.77 earnings per share for the current fiscal year.

NVIDIA Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Wednesday, June 11th were paid a dividend of $0.01 per share. The ex-dividend date was Wednesday, June 11th. This represents a $0.04 annualized dividend and a dividend yield of 0.02%. NVIDIA's dividend payout ratio is currently 1.29%.

Insider Activity

In related news, Director Mark A. Stevens sold 935,000 shares of the stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $140.92, for a total value of $131,760,200.00. Following the completion of the sale, the director directly owned 9,214,697 shares of the company's stock, valued at approximately $1,298,535,101.24. This represents a 9.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $142.80, for a total value of $142,800,000.00. Following the completion of the sale, the director directly owned 26,671,360 shares of the company's stock, valued at approximately $3,808,670,208. This trade represents a 3.61% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,964,800 shares of company stock valued at $734,906,003 over the last three months. Corporate insiders own 4.17% of the company's stock.

Institutional Trading of NVIDIA

Hedge funds have recently bought and sold shares of the company. Kingstone Capital Partners Texas LLC increased its stake in shares of NVIDIA by 267,959.7% during the second quarter. Kingstone Capital Partners Texas LLC now owns 382,373,765 shares of the computer hardware maker's stock valued at $64,976,521,000 after buying an additional 382,231,120 shares during the period. Norges Bank bought a new position in shares of NVIDIA during the fourth quarter valued at $43,515,504,000. Nuveen LLC purchased a new stake in NVIDIA during the first quarter valued at $15,089,414,000. Goldman Sachs Group Inc. increased its position in NVIDIA by 123.5% during the first quarter. Goldman Sachs Group Inc. now owns 187,995,213 shares of the computer hardware maker's stock valued at $20,374,921,000 after acquiring an additional 103,889,872 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in NVIDIA by 12,173.2% during the first quarter. GAMMA Investing LLC now owns 48,837,781 shares of the computer hardware maker's stock valued at $5,293,039,000 after acquiring an additional 48,439,859 shares during the last quarter. Institutional investors own 65.27% of the company's stock.

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.

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