Nvidia (NASDAQ: NVDA) stock was one of the most impacted members of the “Magnificent Seven” due to the recent pullback in the tech sector that erased over $1.1 trillion in stock market value, aided by the strong insider selling activity from the tech companies higher executives.
Over the past month, NVDA stock lost 9.39% of its value, with losses extending in the most recent period with a 6.27% drawback in the previous five trading sessions and a 6.80% decrease on July 24, setting the valuation at $114.25.
Nvidia insiders sold almost $400 million of NVDA stock so far in July
With the month of July slowly drawing to a close, Nvidia insiders offloaded 2,961,130 million NVDA shares worth $376.68 million in 11 separate transactions.
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The most prominent seller was the semiconductor company’s CEO, Huang Jensen, who sold 1,920 million shares for a total profit of $241.41 million in 8 separate trades spanning from July 2 to July 23. This is part of the CEO’s pre-announced 10b5-1 trading program of NVDA stock sales, which should last until March 2025 and unload 6 million shares.
Second place goes to Mark Stevens, Nvidia’s Director, who offloaded 941,020 NVDA shares for a profit of $124.25 in two trades on July 11 and July 15.
With a singular trade on July 15, EVP Ajay Puri was July’s third largest insider seller of NVDA stock, selling 100,110 shares worth $13.02 million.
There will be more sales to come before July draws to a close
If the selling pattern of Nvidia’s CEO, Jensen Huang, continues to offload shares every three trading days, July should see two more trades on July 26 and July 30, with 240,000 shares sold in each session.
This would bring the total value of NVDA shares sold well above the $400 million for the current month.
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