Nvidia’s (NVDA) President and CEO, Jensen Huang, sold stock worth $30.6 million earlier this week, according to a company filing. On July 15 and 16, Huang sold shares priced between $126.34 and $130.34 each. This stock sale was part of Huang’s 10b5-1 trading plan, adopted on March 14, 2024. This plan allows insiders to sell a predetermined number of shares at a predetermined time, providing a legal defense against insider trading accusations.
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Insiders Selling NVDA Stock
Following this stock sale, Huang still owns around 78.7 million shares of Nvidia stock. He also sold another $30.7 million worth of shares between July 5 and July 8, and $169 million worth of shares during the last week of June.
Overall, corporate insiders have sold shares totaling $396.3 million in the past three months, even as NVDA shares skyrocketed by more than 100% over the past year. This increase in selling by corporate insiders suggests a very negative sentiment among insiders regarding the stock.
However, yesterday, NVDA stock was affected by a broader decline in chip stocks, driven by concerns that the U.S. might impose additional trade restrictions on China. This uncertainty arises as chip companies consider continuing to provide China with access to U.S. technology.
What Is the Target Price for NVDA?
Analysts remain bullish about NVDA stock, with a Strong Buy consensus rating based on 37 Buys and four Holds. The average NVDA price target of $140.85 implies an upside potential of 19.4% from current levels.
