Rep. Thomas R. Suozzi Buys NVIDIA Co. (NASDAQ:NVDA) Stock

Representative Thomas R. Suozzi (D-New York) recently bought shares of NVIDIA Co. (NASDAQ:NVDA). In a filing disclosed on November 12th, the Representative disclosed that they had bought 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.
• Sold $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 Stock Performance

NVDA stock traded down $4.27 on Friday, reaching $142.49. 97,284,484 shares of the company were exchanged, compared to its average volume of 398,900,125. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.27 and a quick ratio of 3.79. The stock’s fifty day moving average price is $130.18 and its 200 day moving average price is $119.70. NVIDIA Co. has a 12 month low of $45.01 and a 12 month high of $149.77. The firm has a market capitalization of $3.50 trillion, a PE ratio of 66.95, a PEG ratio of 1.54 and a beta of 1.66.

NVIDIA (NASDAQ:NVDA) last posted its quarterly earnings data on Wednesday, August 28th. The computer hardware maker reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.04. NVIDIA had a net margin of 55.04% and a return on equity of 113.50%. The company had revenue of $30.04 billion during the quarter, compared to analyst estimates of $28.74 billion. During the same quarter last year, the business posted $0.25 earnings per share. The company’s revenue was up 122.4% on a year-over-year basis. On average, research analysts anticipate that NVIDIA Co. will post 2.66 EPS for the current fiscal year.

NVIDIA declared that its board has initiated a share repurchase plan on Wednesday, August 28th that permits the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization permits the computer hardware maker to repurchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

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 paid a dividend of $0.01 per share. The ex-dividend date was Thursday, September 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.03%. NVIDIA’s dividend payout ratio (DPR) is presently 1.88%.

Insider Activity at NVIDIA

In other news, Director Tench Coxe sold 1,000,000 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at $698,025,289.60. The trade was a 14.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Mark A. Stevens sold 165,100 shares of the company’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $121.27, for a total value of $20,021,677.00. Following the completion of the transaction, the director now owns 8,420,117 shares of the company’s stock, valued at $1,021,107,588.59. The trade was a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,156,270 shares of company stock worth $254,784,327 over the last three months. 4.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. UBS Group upped their price target on shares of NVIDIA from $150.00 to $185.00 and gave the company a “buy” rating in a research note on Monday. Sanford C. Bernstein increased their price objective on shares of NVIDIA from $130.00 to $155.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Benchmark restated a “buy” rating and issued a $170.00 price target on shares of NVIDIA in a research report on Thursday, August 29th. Mizuho upped their price target on shares of NVIDIA from $140.00 to $165.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Oppenheimer increased their price objective on shares of NVIDIA from $150.00 to $175.00 and gave the stock an “outperform” rating in a research report on Thursday. Five equities research analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $152.40.

Hedge Funds Weigh In On NVIDIA

Hedge funds and other institutional investors have recently made changes to their positions in the stock. China Universal Asset Management Co. Ltd. raised its position in shares of NVIDIA by 52.2% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 38,290 shares of the computer hardware maker’s stock worth $34,597,000 after acquiring an additional 13,135 shares in the last quarter. SWS Partners increased its holdings in shares of NVIDIA by 11.6% in the first quarter. SWS Partners now owns 5,968 shares of the computer hardware maker’s stock valued at $5,393,000 after purchasing an additional 620 shares during the period. Norden Group LLC boosted its stake in shares of NVIDIA by 23.0% in the first quarter. Norden Group LLC now owns 10,738 shares of the computer hardware maker’s stock valued at $9,703,000 after buying an additional 2,005 shares in the last quarter. Longbow Finance SA boosted its stake in shares of NVIDIA by 12.9% in the first quarter. Longbow Finance SA now owns 62,444 shares of the computer hardware maker’s stock valued at $56,422,000 after buying an additional 7,158 shares in the last quarter. Finally, J.W. Cole Advisors Inc. boosted its stake in shares of NVIDIA by 6.7% in the first quarter. J.W. Cole Advisors Inc. now owns 33,089 shares of the computer hardware maker’s stock valued at $29,900,000 after buying an additional 2,070 shares in the last quarter. Hedge funds and other 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

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.