Amazon.com (NASDAQ:AMZN) founder Jeff Bezos and Nvidia (NASDAQ:NVDA) CEO Jen Hsun Huang recently sold shares worth millions of dollars to leverage the current surge in their share prices. Technology stocks have seen continued momentum in share prices in the past couple of trading days.
Year-to-date, AMZN shares have gained over 31% while NVDA shares have zoomed 165%. Notably, both companies have seen their market capitalizations run into trillions of dollars, backed by the artificial intelligence (AI) frenzy.
Bezos’ Amazon Stock Sale
Last week, reports suggested that Bezos is set to undertake a planned sale of 25 million Amazon shares, worth $5 billion. As per the latest regulatory filing, the Blue Origin founder sold 4,314,109 shares, amounting to $863.47 million. Bezos sold the shares in multiple tranches on July 5 and 8, at weighed average prices ranging from $200 to $201.19 apiece.
Following the latest sale, Bezos still owns 930,696,284 shares of Amazon, valued at $185.52 billion at the current stock price. It is worth noting that Bezos sold approximately $8.5 billion worth of Amazon stock in February.
Huang’s Successive Share Sale
In July, Nvidia’s Director and CEO Huang sold NVDA shares worth $60.27 million. As per a Form 4 filed with the SEC, Huang sold 240,000 shares of Nvidia for $30.69 million between July 5 and 8, at weighted average prices of $125.74 to $130.75 apiece. Similarly, on July 2 and 3, Huang sold another 240,000 shares at prices ranging between $121.16 to $128.24 apiece.
The latest share sale follows successive share sales in June, that amounted to a total of $169 million worth of NVDA stock. Following the massive sales, Huang still owns more than 865 million shares of Nvidia, which could be worth roughly $113.64 billion.
Is Amazon a Buy or Sell Right Now?
With 42 unanimous Buy ratings, AMZN stock has a Strong Buy consensus rating on TipRanks. The average Amazon.com price target of $222.45 implies 11.6% upside potential from current levels.
Is Nvidia a Buy, Sell, or Hold?
On TipRanks, NVDA stock has a Strong Buy consensus rating backed by 37 Buys and four Hold ratings. The average Nvidia price target of $138.50 implies 5.4% upside potential from current levels.
