NVIDIA Corporation (NASDAQ: NVDA) stock fell in pre-market trading Monday as CEO Jensen Huang liquidated over $90 million in company stock last week.
Nvidia, renowned for its dominant position in the GPU market, has recently dominated headlines not only for its market performance but also due to substantial stock transactions by its CEO, Jensen Huang.
In a series of transactions detailed in regulatory filings with the U.S. Securities and Exchange Commission (SEC), Huang has sold off a significant portion of his Nvidia holdings. From June 13 to June 21 alone, Huang divested 720,000 shares, totaling approximately $94.64 million in proceeds.
Despite these sales, Huang retains a substantial stake in Nvidia, holding over 866 million shares through direct ownership and trusts.
NVDA stock has been on a meteoric rise, briefly catapulting the company to the top spot as the world’s most valuable company with a market capitalization peaking at $3.24 trillion on June 15. Although the stock has retreated slightly since then, Nvidia remains the third-largest company globally by market value, trailing only Microsoft (NASDAQ: MSFT) and Apple (NASDAQ: AAPL).
Investor sentiment towards Nvidia remains cautious following its recent market performance. Some analysts, like Michael Kramer, founder of Mott Capital Management, have raised concerns about a potential correction. Kramer suggested that Nvidia’s shares could see a significant pullback of around 30% from current levels.
In a post on X (formerly Twitter), Kramer based his prediction on technical chart analysis, suggesting that the NVDA stock might return to levels seen before the significant rise following the company’s first-quarter earnings report on May 22.
NVIDIA (NASDAQ: NVDA) Stock Reaction
As of 08:03 a.m. (Eastern Time) Monday, NVDA stock traded at $123.82, marking a 2.17% decrease compared to the previous trading session.
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