Nvidia (NASDAQ: NVDA) stock keeps climbing, reaching new all-time highs daily. Traders are left wondering if there’s a limit to its gains, or the sky’s the limit for this semiconductor stock.
Tench Coxe, Nvidia’s third-largest shareholder, recently decided to cash in on his holdings by selling 200,000 NVDA shares, totaling $170 million.
According to Barchart, he acquired these shares in 1997, before Nvidia’s IPO in 1999, when shares were priced at $0.82 each. Since then, they have surged by an incredible 108,070%.
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Other Nvidia shareholders opted for profits as well
Mark Stevens, a director since 2008, sold 12,000 shares on March 4 at prices ranging from $852.06 to $855.02. This sale amounts to approximately $10 million in value.
These sales coincide with Nvidia’s remarkable rally, with the stock surging 84% this year. Investors are optimistic about the continued strong sales of Nvidia’s chips for artificial intelligence computing.
Last month, other directors also sold 99,000 shares following Nvidia’s impressive earnings report. At the time of sale, these shares were valued at about $80 million.
Nvidia stock continues with gains
Nvidia closed at another record on March 6, marking its fifth consecutive day of gains. It now boasts a market value of $2.2 trillion, trailing only Microsoft (NASDAQ: MSFT). And Apple (NASDAQ: AAPL) in the S&P 500 Index.
With pre-market gains of 1.87% at the time of writing, NVDA stock looks set to open trading on March 7 with another record all-time high, surpassing the $900 threshold.
Considering the remarkable growth of NVDA stock since its early post-IPO days, it’s clear why these shareholders chose to cash in on their investment.
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