Nvidia Corp (NASDAQ:NVDA) disclosed that two of its top executives sold large quantities of company shares.
President and CEO Jen-Hsun Huang and Executive Vice President and CFO Colette Kress executed stock sales totaling approximately $53 million, according to the fillings.
The transactions were carried out on June 24th and June 25th, as per the recent filings with the Securities and Exchange Commission.
The sales by Huang amounted to roughly $29.31 million, with the stock being sold at prices ranging from $118.63 to $126.19 per share.
The SEC filing detailed that the shares were sold at different prices over the two days, with the June 24th transactions ranging from $118.11 to $124.25 per share, and the June 25th sales varying from $119.37 to $126.48 per share.
Kress's transactions resulted in the sale of Nvidia stock worth over $24 million. The prices at which Kress sold the shares on June 24 ranged from $118.7148 to $123.5797, while the prices on June 25 spanned from $119.8649 to $126.461.
These sales were conducted under a pre-arranged trading plan known as a Rule 10b5-1 trading plan, which Kress had established on March 22, 2024.
The Rule 10b5-1 trading plan allows company insiders to sell a predetermined number of shares at a predetermined time, offering a defense against potential accusations of insider trading. It is designed to prevent the illegal use of non-public information in stock trading decisions.