Robinhood Asset Management Boosts NVIDIA Stake by 71.6%
Robinhood Asset Management LLC significantly boosted its stake in NVIDIA Corporation (NASDAQ:NVDA) during the second quarter, increasing its holdings by 71.6%. The firm now owns 259,270 shares, valued at $51,877,000, making NVIDIA its third-largest position at 2.8% of its investment portfolio. This move comes as several other institutional investors have also increased their positions in NVIDIA, reflecting strong confidence in the company's growth prospects.
Bank of America Corp DE raised its stake by 2.1% during the first quarter, now holding 191,200,989 shares worth $33,345,453,000. Invesco Ltd. increased its holdings by 0.3% in the fourth quarter, owning 143,239,504 shares valued at $26,714,167,000. Amundi expanded its position by 10.4% in the first quarter, now holding 133,768,018 shares worth $23,329,141,000. J. Stern & Co. LLP made a substantial increase of 13,709.1% in the fourth quarter, owning 125,760,307 shares worth $23,454,297,000. Dimensional Fund Advisors LP raised its stake by 0.6% during the first quarter, now holding 94,521,253 shares worth $16,479,126,000. Collectively, hedge funds and other institutional investors own 65.27% of NVIDIA's stock.
Analysts have recently issued bullish reports on NVIDIA. JPMorgan Chase & Co. increased its price target from $280.00 to $320.00 with an "overweight" rating. TD Cowen maintained a "buy" rating, while Melius Research set a $420.00 price target. Evercore gave an "outperform" rating with a $465.00 price target. Wall Street Zen downgraded the stock from a "strong-buy" to a "buy" rating. The average analyst rating is "Buy" with an average target price of $321.89.
NVIDIA's stock opened at $238.90 on Tuesday, with a 52-week range of $164.27 to $240.10. The company has a market cap of $5.76 trillion, a price-to-earnings ratio of 30.20, and a PEG ratio of 1.81. NVIDIA reported strong earnings for the quarter, with $2.22 earnings per share, beating estimates by $0.13. Revenue was $96.22 billion, up 105.9% year-over-year. The company also declared a quarterly dividend of $0.25 and authorized a $150.00 billion stock buyback plan.