Rep. Thomas R. Suozzi Sells Off Shares of NVIDIA Co. (NASDAQ:NVDA)

15 Nov 2024, 17:48 by Sarita Garza · The Markets Daily

Representative Thomas R. Suozzi (D-New York) recently sold shares of NVIDIA Co. (NASDAQ:NVDA). In a filing disclosed on November 12th, the Representative disclosed that they had sold between $15,001 and $50,000 in NVIDIA stock on October 24th. The trade occurred in the Representative’s “MERRILL LYNCH- ADVISOR DISCRETION ACCOUNT- IRA” account.

Representative Thomas R. Suozzi also recently made the following trade(s):

Sold $1,001 – $15,000 in shares of Corning (NYSE:GLW) on 10/24/2024.
Purchased $15,001 – $50,000 in shares of NVIDIA (NASDAQ:NVDA) on 10/24/2024.
Sold $1,001 – $15,000 in shares of Boeing (NYSE:BA) on 10/24/2024.
Sold $1,001 – $15,000 in shares of CVS Health (NYSE:CVS) on 10/24/2024.
Sold $15,001 – $50,000 in shares of Apple (NASDAQ:AAPL) on 10/7/2024.
Sold $1,001 – $15,000 in shares of NVIDIA (NASDAQ:NVDA) on 10/2/2024.

NVIDIA Price Performance

Shares of NASDAQ:NVDA traded down $4.27 during trading on Friday, reaching $142.49. The company had a trading volume of 97,284,484 shares, compared to its average volume of 398,900,125. The company has a fifty day moving average of $130.18 and a two-hundred day moving average of $119.70. The stock has a market capitalization of $3.50 trillion, a P/E ratio of 66.95, a price-to-earnings-growth ratio of 1.54 and a beta of 1.66. NVIDIA Co. has a 12 month low of $45.01 and a 12 month high of $149.77. The company has a current ratio of 4.27, a quick ratio of 3.79 and a debt-to-equity ratio of 0.15.

NVIDIA (NASDAQ:NVDA – Get Free Report) last released 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 company had revenue of $30.04 billion for the quarter, compared to analyst estimates of $28.74 billion. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The firm’s quarterly revenue was up 122.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.25 EPS. Equities research analysts forecast that NVIDIA Co. will post 2.66 earnings per share for the current year.

NVIDIA Cuts Dividend

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

NVIDIA declared that its Board of Directors has approved a share buyback 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 shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms have recently commented on NVDA. Robert W. Baird raised their target price on shares of NVIDIA from $120.00 to $150.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Oppenheimer lifted their price target on shares of NVIDIA from $150.00 to $175.00 and gave the company an “outperform” rating in a research report on Thursday. Wells Fargo & Company lifted their price target on shares of NVIDIA from $155.00 to $165.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Citigroup lifted their price target on shares of NVIDIA from $150.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Rosenblatt Securities reissued a “buy” rating and set a $200.00 price target on shares of NVIDIA in a research report on Thursday, August 29th. Five equities research analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $152.40.

View Our Latest Stock Report on NVDA

Insider Buying and Selling at NVIDIA

In other news, Director Tench Coxe sold 1,000,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $119.27, for a total value of $119,270,000.00. Following the sale, the director now directly owns 5,852,480 shares in the company, valued at approximately $698,025,289.60. This trade represents a 14.59 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mark A. Stevens sold 155,000 shares of NVIDIA stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $132.27, for a total transaction of $20,501,850.00. Following the completion of the sale, the director now owns 8,100,117 shares of the company’s stock, valued at $1,071,402,475.59. This trade represents a 1.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,156,270 shares of company stock valued at $254,784,327. Company insiders own 4.23% of the company’s stock.

Institutional Investors Weigh In On NVIDIA

Several institutional investors have recently made changes to their positions in NVDA. IHT Wealth Management LLC increased its stake in NVIDIA by 14.6% in the 3rd quarter. IHT Wealth Management LLC now owns 625,609 shares of the computer hardware maker’s stock worth $75,489,000 after buying an additional 79,606 shares during the period. Ingalls & Snyder LLC increased its position in NVIDIA by 0.8% during the 3rd quarter. Ingalls & Snyder LLC now owns 212,362 shares of the computer hardware maker’s stock valued at $25,789,000 after purchasing an additional 1,752 shares during the period. Integrated Wealth Concepts LLC increased its position in NVIDIA by 1.4% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 945,078 shares of the computer hardware maker’s stock valued at $114,770,000 after purchasing an additional 12,895 shares during the period. Investmark Advisory Group LLC increased its position in NVIDIA by 0.8% during the 3rd quarter. Investmark Advisory Group LLC now owns 15,919 shares of the computer hardware maker’s stock valued at $1,933,000 after purchasing an additional 127 shares during the period. Finally, Investment Management Corp of Ontario increased its position in NVIDIA by 29.4% during the 3rd quarter. Investment Management Corp of Ontario now owns 2,156,396 shares of the computer hardware maker’s stock valued at $261,873,000 after purchasing an additional 489,736 shares during the period. Institutional investors own 65.27% of the company’s stock.

About Representative Suozzi

Thomas Richard Suozzi (born August 31, 1962) is an American politician, attorney, and accountant serving as the U.S. representative for New York’s 3rd congressional district since 2024 and previously from 2017 to 2023. A member of the Democratic Party, he was the county executive of Nassau County on Long Island from 2002 to 2009, when he was unseated by Republican Ed Mangano. Before that, Suozzi served eight years as the mayor of Glen Cove in Nassau County.

In 2006, he ran unsuccessfully against Eliot Spitzer for the Democratic nomination for governor of New York. Suozzi was elected to the U.S. House of Representatives in 2016 and reelected in 2018 and 2020. He retired from Congress to run again for the Democratic gubernatorial nomination in 2022, losing to incumbent governor Kathy Hochul.

In October 2023, Suozzi announced that he would run for his old congressional seat in 2024.After Congress expelled George Santos that December, a special election to fill the remainder of the term was scheduled for February 13, 2024. Suozzi was selected as the Democratic nominee, and then won the special election, reclaiming the seat for Democrats.

NVIDIA Company Profile

(Get Free Report)

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.