As Nvidia’s (NASDAQ: NVDA) stock continues to deliver stellar performance in 2023, shareholders are capitalizing on the momentum by selling their shares. Notably, Mark Stevens, a prominent member of Nvidia’s board and its second-largest shareholder, has undertaken a significant sale of Nvidia’s shares, amounting to a staggering $25 million.
The disclosure of this transaction was made in documents filed with the United States Securities and Exchange Commission (SEC), where he unloaded a total of 52,175 shares. This sale of shares was executed in two separate batches.
On August 28, Stevens, who has been serving on Nvidia’s board since 2008, sold 21,500 shares at an average price of $468.07 per share. Then, on August 29, he disposed of an additional 30,675 shares at an average price of $489.91 per share.
At the same time, Nvidia’s chief financial officer, Colette Kress, also sold shares worth $2.3 million.
Stevens’ recent sale follows a prior transaction in June when he divested 118,602 shares of Nvidia. These shares were sold within a price range of $429.90 to $434.20. This earlier sale reportedly brought Stevens over $51 million.
It is important to note that executives and board members often have the option to establish trading plans that trigger sales based on predetermined future conditions, such as specific timing or price levels. This approach enables insiders to execute stock transactions while avoiding the perception that their actions are influenced by current business information about the company.
Nvidia’s thriving performance
Stevens’ decision to divest his Nvidia holdings coincides with a period of exceptional growth for the company’s stock, reflecting Wall Street’s optimism regarding Nvidia’s prospects in the rapidly expanding field of artificial intelligence (AI). As businesses increasingly invest in AI-driven technologies, there is a growing demand for the specialized hardware solutions Nvidia provides, especially for training AI models.
Additionally, Nvidia garnered attention by announcing an expanded partnership with Google Cloud. This collaboration aims to simplify the deployment of Nvidia’s generative AI technologies, making it more accessible for Google Cloud customers to leverage supercomputing power for AI applications.
This partnership represents a significant step in Nvidia’s efforts to capitalize on the thriving AI sector. Following this development, Nvidia’s stock reached a new all-time high of $493.55 at the close of business on Thursday, August 31.