The broader market indices trended higher in June 2024. The Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) increased about 6.18%, 3.47%, and 1.12%, respectively. In this context, we analyzed the Buy and Sell transactions carried out by investors maintaining a TipRanks Smart Portfolio, to gain better insights into trading patterns for the month.
June’s Most-Bought Stock
Chip giant Nvidia (NASDAQ:NVDA) was the most bought stock in June. Investors’ confidence in Nvidia reflects its dominance in the artificial intelligence (AI) field and its solid financial performance. Nvidia’s chips, which are deemed essential for AI deployment, are in high demand. This trend is driving rapid growth in its revenue and earnings, propelling its share price higher.
Is Nvidia a Buy, Sell, or Hold?
Nvidia stock has a Strong Buy consensus rating based on 38 Buys and three Hold recommendations. Its shares have gained over 159% year-to-date. Thus, the analysts’ average NVDA price target of $135.81 implies a limited upside potential of 5.87% from the current level.
In addition to Nvidia, let’s look at the other most-bought stocks for June.
Top 10 Most-Bought Stocks
Observing the investment trends in June, we discovered investors continued to trade tech stocks, primarily with exposure to AI. Here is the list of the most-bought stocks for June:
- Nvidia
- Microsoft (NASDAQ:MSFT)
- Apple (NASDAQ:AAPL
- Amazon (NASDAQ:AMZN)
- Tesla (NASDAQ:TSLA)
- Broadcom (NASDAQ:AVGO)
- Alphabet (NASDAQ:GOOGL)
- Meta Platforms (NASDAQ:META)
- Advanced Micro Devices (NASDAQ:AMD)
- Micron Technology (NASDAQ:MU)
June’s Most-Sold Stock
Surprisingly, Nvidia was also the most sold stock by investors, maintaining a TipRanks Smart Portfolio. The surge in Nvidia’s share price likely prompted investors to book and secure profits by selling their shares.
While Nvidia was the most-sold stock, let’s examine the top 10 list for June.
- Nvidia
- Apple
- Tesla
- Amazon
- Advanced Micro Devices
- Microsoft
- Meta Platforms
- Alphabet
- Palantir (NYSE:PLTR)
- Alibaba (NYSE:BABA)
We’ll return shortly with the top-traded stocks from July 2024. In the meantime, stay updated on market trends effortlessly by monitoring your portfolio’s performance with the TipRanks Smart Portfolio tool.
