{"id":24081,"date":"2023-06-17T20:29:59","date_gmt":"2023-06-18T00:29:59","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/another-nvidia-board-member-unloads-stock-this-time-to-the-tune-of-21-million\/"},"modified":"2023-06-17T20:30:01","modified_gmt":"2023-06-18T00:30:01","slug":"another-nvidia-board-member-unloads-stock-this-time-to-the-tune-of-21-million","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=24081","title":{"rendered":"Another Nvidia board member unloads stock, this time to the tune of $21 million"},"content":{"rendered":"
\n

Another Nvidia Corp. board member recently unloaded tens of millions of dollars worth of stock amid the sharp move higher in the chip maker\u2019s shares. <\/p>\n

Tench Coxe, who has served on Nvidia\u2019s
\n NVDA,
\n +0.09%<\/bg-quote>
\n board since 1993, dumped 50,000 shares of Nvidia Wednesday, according to a filing with the Securities and Exchange Commission made public Friday. He sold at an average price of $422.1544, meaning he pocketed upwards of $21 million from the move. <\/p>\n

\n

Coxe previously disclosed a May 26 sale of 100,000 Nvidia shares at an average price of $379. He made $37.9 million in that earlier transaction. <\/p>\n

He joins Harvey Jones, a fellow longtime board member, who disclosed the sale of about $48 million worth of Nvidia shares earlier this week. Jones made that sale on Tuesday, adding to a $28 million sale that he conducted earlier in June. <\/p>\n

See also: AMD is chasing down Nvidia in AI, but one analyst worries the company is \u2018somewhat late\u2019<\/strong><\/p>\n

The two directors sold stock this week amid a huge year-to-date rally that has lifted the semiconductor giant\u2019s shares 192% as of Friday\u2019s close. Nvidia is now worth more than $1 trillion. <\/p>\n

See more: Nvidia officially closes in $1 trillion territory, becoming seventh U.S. company to hit market-cap milestone<\/strong><\/p>\n

Coxe, formerly a managing director of Sutter Hill Ventures, continues to be heavily invested in Nvidia. The shares he sold Wednesday were owned by his trust, and he still has about 3.3 million shares through that trust. He also has 4,578 shares that he owns directly, along with more than 685,000 shares that he holds through a profit-sharing plan retirement trust, according to Friday\u2019s filing. <\/p>\n

FactSet lists Coxe as the third largest insider owner of Nvidia shares, behind Chief Executive Jensen Huang and board member Mark Stevens.<\/p>\n

Nvidia declined to comment when asked if the company or Coxe had comment on this week\u2019s transaction. <\/p>\n

More from MarketWatch: Intel\u2019s stock rocks best week in nearly 14 years as analyst notes a \u2018material AI opportunity\u2019<\/strong><\/p>\n

Though the two longtime directors appear to be using the recent run up as an opportunity to cash out of some of their sizable Nvidia holdings, the stock continues to win praise on Wall Street. Morgan Stanley\u2019s Joseph Moore just dubbed the shares his new \u201ctop pick\u201d in the semiconductor space, with the latest surge no obstacle to his increasingly upbeat view.<\/p>\n

Nvidia is \u201cthe cleanest story in AI hardware\u201d and should command \u201cmore consideration from investors looking for AI exposure, even if the current valuation construct and YTD [year-to-date] stock return already reflect expectations that are higher than secondary or tertiary players,\u201d Moore wrote Friday, as he boosted his price target on the stock to $500 from $450.<\/p>\n

Shares of Nvidia closed Friday at $426.92.<\/p>\n

Don\u2019t miss: How will AI affect stocks of semiconductor companies? Here are the 18 expected to grow their sales most quickly.<\/strong><\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Another Nvidia Corp. board member recently unloaded tens of millions of dollars worth of stock amid the sharp move higher in the chip maker\u2019s shares. Tench Coxe, who has served on Nvidia\u2019s NVDA, +0.09% board since 1993, dumped 50,000 shares of Nvidia Wednesday, according to a filing with the Securities and Exchange Commission made public […]<\/p>\n","protected":false},"author":1,"featured_media":24082,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-24081","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nAnother Nvidia board member unloads stock, this time to the tune of $21 million | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Another Nvidia Corp. board member recently unloaded tens of millions of dollars worth of stock amid the sharp move higher in the chip maker\u2019s shares.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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