A member of the U.S. Congress is betting on shares of NVIDIA Corporation NVDA going forward. The small purchase pales in size comparison to a recent purchase from Nancy Pelosi and Paul Pelosi.
A look at the transaction and why it’s important.
What Happened: Rep. Pete Sessions (R-Texas) has been known to buy stocks in small quantities over the past two years, often betting on technology and consumer staples for sectors.
A recent transaction from Sessions shared by Quiver Quant saw Sessions disclose he had bought one share of Nvidia at $456. The transaction took place on Dec. 6 and the disclosure was filed on Dec. 26. The transaction may have been completed by a spouse based on the SP designation on the filing.
Sessions has filed disclosures of selling many stocks in recent months, including top technology names like Apple Inc AAPL and Microsoft Corp MSFT.
The main thing Sessions has disclosed buying has been U.S. Treasury Bills, which have been purchased on multiple occasions in 2023.
Sessions also disclosed purchasing Nvidia shares in September with three shares purchased at $1,344 for around $448 each.
Another transaction in June saw Sessions disclose the purchase of one share of Nvidia for $424.53.
Back in July 2022, Sessions disclosed buying 15 shares of Nvidia.
Why It’s Important: Sessions serves on several committees including the House Committee on Oversight and Accountability and the House Committee on Financial Services.
While Sessions purchases were smaller than the recent disclosure from Pelosi, they came when the chip stock could get a boost from decisions related to China from the government.
The recent purchases of Nvidia by Sessions could show how many are betting on the stock to outperform going forward despite a 245% increase year-to-date in 2023.
Sessions is selling stocks like Microsoft, Apple and McDonald’s and buying up Nvidia shares, sometimes one share at a time.
NVDA Price Action: Nvidia shares trade at $495.22 on Thursday versus a 52-week trading range of $140.34 to $505.48.