NVIDIA Corporation (NASDAQ: NVDA) stock fell over 2% on Wednesday after the news broke that its director sold shares worth over $120,000.
NVIDIA (NVDA) director John Dabiri has divested a portion of his company stock, as disclosed in a recent filing with the Securities and Exchange Commission (SEC). The transaction, executed on March 25, involved the sale of 128 shares at $940 per share, totaling over $120,000.
This sale took place under a prearranged Rule 10b5-1 trading plan. This plan, adopted by Dabiri on December 18, 2023, enables company insiders to execute trades based on a predetermined schedule, even when they do not have material non-public information.
Post-transaction, Dabiri retains a stake of 2,055 shares in Nvidia. It’s worth noting that this move is part of regular investment adjustments and may not necessarily signal any significant change in the company’s performance or outlook.
In related news, last Wednesday, BofA Securities reaffirmed a positive outlook on NVIDIA Corporation (NVDA), maintaining a Buy rating with a stock price target of $1,100.
NVIDIA (NASDAQ: NVDA) Stock Movement
NVDA stock dropped 2.50% to close at $902.50 on Wednesday. The traders had exchanged hands with 58,309,662 (58.30 million) shares compared to the average daily trading volume of 52.87 million. The stock has a market capitalization of $2.25 trillion, making it the third biggest company in the world.
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