Granite Point Capital Management L.P. Cuts Position in NVIDIA Corporation (NVDA)
Granite Point Capital Management L.P. cut its position in shares of NVIDIA Corporation (NASDAQ:NVDA) by 67.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,900 shares of the computer hardware maker’s stock after selling 12,100 shares during the period. Granite Point Capital Management L.P.’s holdings in NVIDIA Corporation were worth $643,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in NVDA. Quadrant Capital Group LLC raised its position in shares of NVIDIA Corporation by 17.5% in the first quarter. Quadrant Capital Group LLC now owns 1,055 shares of the computer hardware maker’s stock worth $105,000 after buying an additional 157 shares during the period. Coconut Grove Bank increased its stake in NVIDIA Corporation by 683.9% in the first quarter. Coconut Grove Bank now owns 1,215 shares of the computer hardware maker’s stock worth $132,000 after buying an additional 1,060 shares in the last quarter. TrimTabs Asset Management LLC increased its stake in NVIDIA Corporation by 88.9% in the first quarter. TrimTabs Asset Management LLC now owns 1,598 shares of the computer hardware maker’s stock worth $174,000 after buying an additional 752 shares in the last quarter. State of Alaska Department of Revenue acquired a new stake in NVIDIA Corporation during the first quarter worth about $182,000. Finally, Greenleaf Trust acquired a new stake in NVIDIA Corporation during the first quarter worth about $203,000. Institutional investors and hedge funds own 70.08% of the company’s stock.
Shares of NVIDIA Corporation (NASDAQ NVDA) opened at 151.62 on Friday. The stock has a market cap of $90.21 billion, a P/E ratio of 50.90 and a beta of 1.24. NVIDIA Corporation has a 12-month low of $44.57 and a 12-month high of $168.50. The company’s 50-day moving average is $133.10 and its 200-day moving average is $111.25.
NVIDIA Corporation (NASDAQ:NVDA) last posted its earnings results on Tuesday, May 9th. The computer hardware maker reported $0.82 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.16. The business had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.91 billion. NVIDIA Corporation had a net margin of 25.95% and a return on equity of 36.40%. The business’s revenue for the quarter was up 48.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.46 EPS. On average, equities research analysts anticipate that NVIDIA Corporation will post $3.09 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, June 14th. Shareholders of record on Tuesday, May 23rd were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 0.37%. The ex-dividend date was Friday, May 19th. NVIDIA Corporation’s dividend payout ratio is currently 18.60%.
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A number of analysts have issued reports on NVDA shares. Vetr downgraded shares of NVIDIA Corporation from a “strong-buy” rating to a “buy” rating and set a $117.10 price objective for the company. in a report on Monday, March 20th. MKM Partners started coverage on shares of NVIDIA Corporation in a report on Wednesday, February 22nd. They issued a “neutral” rating and a $100.00 price objective for the company. Nomura downgraded shares of NVIDIA Corporation from a “buy” rating to a “reduce” rating and set a $90.00 price objective for the company. in a report on Friday, March 3rd. Citigroup Inc. set a $145.00 price objective on shares of NVIDIA Corporation and gave the company a “buy” rating in a report on Saturday, March 11th. Finally, Zacks Investment Research downgraded shares of NVIDIA Corporation from a “hold” rating to a “sell” rating in a report on Thursday, April 13th. Six research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the stock. NVIDIA Corporation currently has a consensus rating of “Hold” and a consensus price target of $121.22.
In other news, Director Persis Drell sold 2,500 shares of the stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $130.02, for a total value of $325,050.00. Following the transaction, the director now owns 24,652 shares in the company, valued at approximately $3,205,253.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director A Brooke Seawell sold 32,820 shares of the stock in a transaction that occurred on Monday, March 20th. The stock was sold at an average price of $109.00, for a total transaction of $3,577,380.00. Following the completion of the transaction, the director now owns 35,927 shares in the company, valued at approximately $3,916,043. The disclosure for this sale can be found here. Insiders sold a total of 443,124 shares of company stock worth $57,716,984 in the last quarter. Company insiders own 5.82% of the company’s stock.
NVIDIA Corporation Company Profile
Nvidia Corporation focuses on personal computer (PC) graphics, graphics processing unit (GPU) and also on artificial intelligence (AI). The Company’s operates through two segments: GPU and Tegra Processor. The Company’s GPU product brands are aimed at specialized markets, including GeForce for gamers; Quadro for designers; Tesla and DGX for AI data scientists and big data researchers; and GRID for cloud-based visual computing users.
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