One more longstanding Nvidia Corp. board member has cashed out of some of his holdings in the wake of the stock’s stratospheric rally, though he remains a big stakeholder in the chip company.
Mark Stevens, who’s been on Nvidia’s
board since 2008 and served a prior stint as a director from 1993 to 2006, unloaded 118,602 shares of Nvidia across Friday’s and Tuesday’s trading sessions, according to a Wednesday filing. He sold at prices ranging from $429.90 to $434.20, meaning that he pocketed just over $51 million from the sales, which were done with shares that he held indirectly in a trust with his wife.
Nvidia declined to comment when asked if the company or Stevens had comment on the transactions.
Stevens joins a pair of other longtime directors who’ve made recent sales amid the sharp advancement in Nvidia shares, which are up 195% so far this year. Tench Coxe revealed a $21 million sale of stock last week, adding to one worth $38 million that he made earlier in June. Harvey Jones, also on Nvidia’s board, dumped more than $48 million in stock last week after selling more than $28 million earlier in the month.
Through his long history with Nvidia, Stevens has amassed a sizable chunk of the company’s stock, and he remains heavily invested in the company even after the recent sales.
FactSet listed Stevens as the second-largest insider or stakeholder investor in Nvidia shares prior to the recent sales, behind just Jensen Huang, the company’s co-founder and chief executive.
Wednesday’s filing indicates that Stevens continues to own 1.05 million shares of Nvidia in the trust he shares with his wife, along with 1.98 million shares in another trust. He also owns 1.29 million shares directly.
Nvidia’s stock has been a big winner this year as Wall Street sees a massive opportunity for the company to cash in on interest in artificial intelligence, which will require companies to spend on hardware that can train models.