NVIDIA (NASDAQ:NVDA) Stock Price Down 2.7% - Here's What Happened

NVIDIA Co. (NASDAQ:NVDA - Get Free Report) shares were down 2.7% during mid-day trading on Friday . The stock traded as low as $142.46 and last traded at $142.64. Approximately 71,765,297 shares were traded during trading, a decline of 82% from the average daily volume of 396,215,688 shares. The stock had previously closed at $146.67.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on NVDA shares. Sanford C. Bernstein raised their price objective on NVIDIA from $130.00 to $155.00 and gave the stock an "outperform" rating in a report on Thursday, August 29th. Melius Research lifted their price target on NVIDIA from $165.00 to $185.00 and gave the company a "buy" rating in a report on Monday, November 11th. Barclays increased their price objective on shares of NVIDIA from $145.00 to $160.00 and gave the stock an "overweight" rating in a report on Thursday. Cantor Fitzgerald restated an "overweight" rating and issued a $175.00 target price on shares of NVIDIA in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of NVIDIA from $115.00 to $140.00 and gave the stock a "hold" rating in a research note on Thursday. Five analysts have rated the stock with a hold rating, forty have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $160.80.

NVIDIA Stock Performance

The stock has a market cap of $3.49 trillion, a price-to-earnings ratio of 66.59, a PEG ratio of 1.54 and a beta of 1.66. The company's 50 day simple moving average is $133.55 and its 200 day simple moving average is $121.72. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.79 and a current ratio of 4.27.

NVIDIA (NASDAQ:NVDA - Get Free Report) last announced its earnings results on Wednesday, November 20th. The computer hardware maker reported $0.81 EPS for the quarter, topping the consensus estimate of $0.69 by $0.12. The firm had revenue of $35.08 billion for the quarter, compared to analysts' expectations of $33.15 billion. NVIDIA had a return on equity of 113.50% and a net margin of 55.04%. The firm's quarterly revenue was up 93.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.38 earnings per share. On average, equities research analysts anticipate that NVIDIA Co. will post 2.68 earnings per share for the current year.

NVIDIA Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Thursday, December 5th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.03%. The ex-dividend date is Thursday, December 5th. NVIDIA's dividend payout ratio (DPR) is presently 1.88%.

NVIDIA declared that its Board of Directors has initiated a stock buyback program on Wednesday, August 28th that allows the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization allows the computer hardware maker to buy up to 1.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, Director Mark A. Stevens sold 155,000 shares of the company's stock in a transaction 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 directly owns 8,100,117 shares of the company's stock, valued at $1,071,402,475.59. This represents a 1.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Tench Coxe sold 1,000,000 shares of NVIDIA stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $119.27, for a total value of $119,270,000.00. Following the completion of the transaction, the director now directly owns 5,852,480 shares in the company, valued at $698,025,289.60. This represents a 14.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,156,270 shares of company stock worth $254,784,327 in the last ninety days. 4.23% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NVDA. Lowe Wealth Advisors LLC purchased a new position in NVIDIA during the second quarter valued at approximately $25,000. DHJJ Financial Advisors Ltd. grew its position in NVIDIA by 1,900.0% during the second quarter. DHJJ Financial Advisors Ltd. now owns 200 shares of the computer hardware maker's stock valued at $25,000 after purchasing an additional 190 shares in the last quarter. FPC Investment Advisory Inc. purchased a new position in NVIDIA during the first quarter valued at approximately $26,000. CGC Financial Services LLC purchased a new position in NVIDIA during the second quarter valued at approximately $26,000. Finally, Koesten Hirschmann & Crabtree INC. purchased a new position in NVIDIA during the first quarter valued at approximately $27,000. 65.27% of the stock is owned by hedge funds and other institutional investors.

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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