Nvidia Corp (NASDAQ:NVDA) President and CEO Jen-Hsun Huang has sold a significant portion of his holdings in the company, according to recent filings. The transactions, which took place on June 17 and 18, amounted to a total of over $31 million.
The series of sales involved shares sold at prices ranging from $129.7985 to $136.1154. While the specific number of shares sold at each price point was not disclosed, the filings provided weighted average prices for the transactions, which investors can use to estimate the value of shares traded.
On June 17, Huang sold shares in multiple separate transactions. The sales began with a smaller batch of 655 shares at an average price of $129.7985, followed by larger sales including 24,748 shares at $130.7238, 38,788 shares at $131.5125, 49,162 shares at $132.297, and 6,647 shares at $133.3176.
The selling continued on June 18 with transactions including 905 shares at $130.8833, 16,318 shares at $131.5792, 7,255 shares at $132.5703, 33,651 shares at $133.2829, 19,078 shares at $134.4696, 38,066 shares at $135.6103, and a final sale of 4,727 shares at $136.1154.
Despite these sales, Huang remains a major shareholder of Nvidia, holding millions of shares directly and indirectly through various trusts and partnerships, as indicated in the footnotes of the filing. The reported transactions were made pursuant to a pre-arranged Rule 10b5-1 trading plan adopted by Huang on March 14, 2024, which allows company insiders to sell shares at predetermined times to avoid any accusations of insider trading.
Investors often watch insider transactions for hints about executives' confidence in their company's prospects, although such sales can also be part of regular financial planning or diversification strategies. Nvidia's stock performance and market conditions may also influence such decisions.
Nvidia has not made any official comment on these transactions at the time of reporting.
In other recent news, Nvidia Corporation (NASDAQ:NVDA) received new server orders from Elon Musk's artificial intelligence startup, bolstering the company's market capitalization. Dell Technologies (NYSE:DELL) and Super Micro Computer (NASDAQ:SMCI) are supplying server racks for Musk's company xAI's supercomputer, which is set to enhance the capabilities of the AI tool Grok. As highlighted by Jake Dollarhide, CEO of Longbow Asset Management, Nvidia's profitability in the AI sector is significant.
In related developments, Dell Technologies is partnering with Nvidia to create an "AI factory" to support the development of Grok's next iteration. This partnership underscores the computational requirements for training sophisticated AI models like Grok, which rely heavily on Nvidia H100 graphic processing units.
Furthermore, the U.S. is actively engaging with the Netherlands and Japan to impose further restrictions on chipmaking equipment exports to China. This move, led by U.S. export policy chief Alan Estevez, is part of a broader strategy to control additional chipmaking technology. These developments are part of the recent news surrounding Nvidia Corporation.
InvestingPro Insights
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InvestingPro Tips highlight that Nvidia has maintained a perfect Piotroski Score of 9, indicating strong financial health across multiple metrics. Analysts are also optimistic about the company's future, predicting continued sales growth in the current year. Furthermore, a significant number of analysts, totaling 36, have revised their earnings estimates upwards for the upcoming period, which may signal confidence in Nvidia's earnings potential.
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