NVIDIA (NASDAQ:NVDA) Stock Price Target Lowered at Bank of America

NVIDIA (NASDAQ:NVDA) had its price target reduced by stock analysts at Bank of America from $350.00 to $280.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the computer hardware maker’s stock. Bank of America‘s price target would suggest a potential upside of 69.34% from the company’s previous close.

Several other equities analysts have also recently weighed in on NVDA. Piper Sandler began coverage on NVIDIA in a report on Wednesday, September 9th. They set an “overweight” rating and a $300.00 price target on the stock. Needham & Company LLC lowered their price objective on NVIDIA from $300.00 to $200.00 and set a “buy” rating for the company in a research report on Thursday. President Capital upped their target price on NVIDIA from $295.00 to $330.00 in a research report on Thursday, August 27th. Wall Street Zen cut NVIDIA from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 24th. Finally, TD Cowen reiterated a “buy” rating on shares of NVIDIA in a research note on Tuesday, August 18th. Five equities research analysts have rated the stock with a Strong Buy rating, forty have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, NVIDIA has a consensus rating of “Moderate Buy” and an average price target of $288.97.

NVIDIA Stock Performance

Shares of NVDA stock traded down $8.38 during trading hours on Thursday, reaching $165.35. The company had a trading volume of 555,136,530 shares, compared to its average volume of 154,650,969. The business has a fifty day moving average price of $217.12 and a 200-day moving average price of $204.35. NVIDIA has a one year low of $148.80 and a one year high of $243.37. The firm has a market cap of $3.98 trillion, a PE ratio of 20.85, a price-to-earnings-growth ratio of 1.30 and a beta of 2.21. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.85 and a current ratio of 4.59.

NVIDIA (NASDAQ:NVDA) last issued its quarterly earnings data on Wednesday, August 26th. The computer hardware maker reported $2.22 earnings per share for the quarter, beating analysts’ consensus estimates of $2.09 by $0.13. NVIDIA had a net margin of 63.66% and a return on equity of 96.04%. The company had revenue of $96.22 billion for the quarter, compared to the consensus estimate of $92.27 billion. During the same quarter in the prior year, the firm earned $1.05 earnings per share. The firm’s revenue for the quarter was up 105.9% compared to the same quarter last year. Sell-side analysts predict that NVIDIA will post 9.30 earnings per share for the current fiscal year.

NVIDIA declared that its Board of Directors has initiated a share buyback program on Monday, September 28th that permits the company to repurchase $150 billion in outstanding shares. This repurchase authorization permits the computer hardware maker to repurchase up to 2.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, EVP Timothy S. Teter sold 30,460 shares of the firm’s stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $222.80, for a total value of $6,786,488.00. Following the completion of the transaction, the executive vice president directly owned 2,687,660 shares in the company, valued at $598,810,648. This trade represents a 1.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark A. Stevens sold 622,239 shares of NVIDIA stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $231.62, for a total value of $144,122,997.18. Following the sale, the director directly owned 2,336,531 shares of the company’s stock, valued at $541,187,310.22. This trade represents a 21.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 1,766,118 shares of company stock valued at $399,450,353. 3.94% of the stock is owned by company insiders.

Institutional Investors Weigh In On NVIDIA

Large investors have recently bought and sold shares of the company. Intelligent Financial Strategies acquired a new stake in shares of NVIDIA in the third quarter worth $26,000. Montgomery Financial Services LLC purchased a new position in shares of NVIDIA during the second quarter worth $28,000. Newton One Investments LLC acquired a new position in NVIDIA during the third quarter valued at $34,000. Phillip James Consulting Co. acquired a new position in NVIDIA during the first quarter valued at $40,000. Finally, Bard Associates Inc. lifted its position in NVIDIA by 8,866.7% during the second quarter. Bard Associates Inc. now owns 269 shares of the computer hardware maker’s stock valued at $54,000 after purchasing an additional 266 shares during the period. Hedge funds and other institutional investors own 65.27% of the company’s stock.

NVIDIA News Roundup

Investors following NVDA have been watching these news items:

• Neutral Sentiment: The board appointed Harvey C. Jones as its first chair and is considering internal and external candidates for a permanent CEO. These moves establish a transition process, but the eventual leadership choice and its strategic implications remain uncertain. NVIDIA interim leadership
• Negative Sentiment: Huang’s departure removes the leader closely associated with NVIDIA’s rise and leaves investors facing succession uncertainty. Reports tying the controversy to possible Chinese intelligence activity have also renewed national-security and export-control concerns, which could affect sentiment and the company’s business environment. Reuters on NVIDIA’s interim CEO
• Negative Sentiment: Analyst caution and a rotation into chip rivals add pressure: StoneX downgraded NVIDIA to Hold, while reports described investors favoring Broadcom and AMD after Huang’s exit. Chip rivals gain after Huang’s exit

About NVIDIA

NVIDIA Corporation develops graphics processing units (GPUs), accelerated computing platforms and related software. Founded in 1993, the company first became widely known for GPUs used in PC gaming and professional graphics. Its technology now also supports artificial intelligence, scientific computing and other data-intensive applications. NVIDIA’s offerings include GeForce products for gaming, data-center GPUs and systems for AI workloads, and networking products that connect computing infrastructure.