A longtime board member of Nvidia Corp., Mark Stevens, recently sold $25 million worth of stock, a small portion of his significant holdings. The sales were executed through a trust owned by Stevens and his wife. According to a filing with the Securities and Exchange Commission, Stevens sold 21,500 Nvidia shares on Monday at an average price of $468.08, and another 30,675 shares on Tuesday at an average price of $489.91.
Stevens’ decision to sell comes on the heels of Nvidia’s impressive quarterly earnings report. The company’s stock has seen an astounding surge of 238% in value so far this year, culminating in a record high closing price on Wednesday.
Stevens, who has been a board member since 2008 and had previously served from 1993 to 2006, holds a significant number of Nvidia shares. As per the filing, he possesses slightly over 1 million shares in one trust, nearly 2 million shares in another trust, and an additional 1.3 million shares through direct ownership. In June, FactSet listed him as the second largest insider or stakeholder owner of Nvidia shares, second only to Chief Executive Jensen Huang.
In addition to Stevens, a few other board members chose to sell their shares in June, with total sales exceeding $51 million.
The Chief Financial Officer of Nvidia, Colette Kress, also participated in selling off shares. On Monday, she sold 4,980 shares at prices ranging from $451.54 to $468.39. However, Kress’s sales were part of a pre-arranged 10b5-1 trading plan adopted in March 2022. Such plans enable executives and board members to make stock transactions based on predetermined conditions without appearing to act on private information about the company.
Nvidia declined to provide any comments regarding the recently disclosed sales by the company, Stevens, or Kress. The market will undoubtedly be keeping a close eye on further developments as this record-breaking year for Nvidia continues to unfold.
