The Most-Traded Stocks by TipRanks Investors in February 2024

The broader market indices continued the upward trend in February 2024. The Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) gained about 5.3%, 5.2%, and 2.2%, respectively. In this context, we examined the Buy and Sell transactions carried out by investors maintaining a TipRanks Smart Portfolio, aiming to get deeper insights into trading behaviors throughout the month.

But before we delve deeper, it’s worth highlighting that artificial intelligence (AI) remains the key catalyst behind investors’ confidence. Notably, AI-related stocks like Nvidia (NASDAQ:NVDA), Super Micro Computer (NASDAQ:SMCI), Palantir Technologies (NYSE:PLTR), SoundHound AI (NASDAQ:SOUN), and numerous others registered remarkable growth. 

February’s Most-Bought Stock

Chip giant Nvidia was the most-bought stock for February. The investor’s confidence in NVDA stems from its leadership in AI and stellar financial performance. The robust near-term demand for its chips and increasing consumer interest in NVIDIA GeForce RTX GPUs for gaming continue to drive its financials and share price. 

Nvidia’s leadership believes that the demand for accelerated computing and generative AI is growing across industries. This provides a solid base for future growth. 

Is NVIDIA Stock a Buy, Sell, or Hold?

With 38 Buys and two Hold recommendations, Nvidia stock has a Strong Buy consensus rating. Further, NVDA stock has gained over 66% year-to-date. Thus, analysts’ average price target of $886.52 implies a limited upside potential of 7.75% from current levels.

Along with Nvidia, let’s look at the other most-bought stocks for February.

Top 10 Most-Bought Stocks

Observing the investment trends in February, we discovered investors continued to trade primarily in AI-related tech stocks. Here is the list of the most-bought stocks for February:

1. Nvidia
2. Microsoft (NASDAQ:MSFT) 
3. Apple (NASDAQ:AAPL)
4. Amazon (NASDAQ:AMZN)
5. Tesla (NASDAQ:TSLA) 
6. Meta Platforms (NASDAQ:META) 
7. Alphabet (NASDAQ:GOOGL)
8. Advanced Micro Devices (NASDAQ:AMD)
9. Alibaba (NYSE:BABA)
10. Super Micro Computer

February’s Most-Sold Stock

Notably, Apple was the most sold stock by investors maintaining a TipRanks Smart Portfolio. The concerns around the company’s hardware sales and intensifying competition in China continue to restrict the upside in AAPL stock, which fell nearly 2% in February. 

Is Apple a Buy or Sell?

Apple’s next leg of growth could come from its AI initiatives. Apple’s CEO, Tim Cook, sees the solid growth potential associated with AI technologies and is deploying significant resources in that direction. However, AAPL’s leadership will provide details about their AI initiatives later in the year. 

While AAPL sees solid AI-led opportunities, near-term challenges keep analysts cautiously optimistic. It has 15 Buys, nine Holds, and one Sell recommendation for a Moderate Buy consensus rating. Analysts’ average price target of $205.03 implies 14.12% upside potential from current levels. 

While Apple was the most sold stock, let’s examine the full list for February.

1. Apple
2. Nvidia
3. Tesla
4. Amazon
5. Microsoft
6. Alphabet
7. Advanced Micro Devices
8. Meta Platforms
9. Alibaba
10. PayPal

We’ll return shortly with the top-traded stocks from March 2024. In the meantime, stay updated on market trends by effortlessly monitoring your portfolio’s performance using the TipRanks Smart Portfolio tool. 

Disclosure