After trending lower for two consecutive months, the broader market indices reversed course and finished higher in May 2024. The Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) gained about 6.3%, 4.8%, and 2.3%, respectively. With this background, we examined the Buy and Sell transactions carried out by investors maintaining a TipRanks Smart Portfolio to get an insight into trading patterns during the month.
May’s Most-Bought Stock
Chip giant Nvidia (NASDAQ:NVDA) was the most bought stock in May. Investor confidence in NVDA stems from its leadership in the artificial intelligence (AI) industry and its strong financial performance. Furthermore, the increasing consumer interest in NVIDIA’s next-gen AI chip, Rubin, expected to launch in 2026, is expected to further drive its financials and share price.
Is NVIDIA Stock a Buy, Sell, or Hold?
With 36 Buys and three Hold recommendations, Nvidia stock has a Strong Buy consensus rating. Further, NVDA stock has gained nearly 83% year-to-date. Thus, analysts’ average NVDA price target of $1,215.29 implies a slight correction of 0.74% from current levels.
In addition to Nvidia, let’s look at the other most-bought stocks for May.
Top 10 Most-Bought Stocks
Observing the investment trends in May, we discovered investors continued to trade tech stocks, primarily with a focus on AI. Here is the list of the most-bought stocks for May:
- Nvidia
- Apple (NASDAQ:AAPL)
- Amazon (NASDAQ:AMZN)
- Microsoft (NASDAQ:MSFT)
- Tesla (NASDAQ:TSLA)
- Alphabet (NASDAQ:GOOGL)
- Advanced Micro Devices (NASDAQ:AMD)
- Meta Platforms (NASDAQ:META)
- Palantir Technologies (NYSE:PLTR)
- Chevron (NYSE:CVX)
May’s Most-Sold Stock
Apple was the most sold stock by investors maintaining a TipRanks Smart Portfolio. Weak demand for the company’s Vision Pro headset, intense competition in the AI sector, and the pressure on AAPL to lower iPhone prices in China have weighed on Apple stock.
It’s worth noting that AAPL stock has underperformed the broader indices and is up only 2% year-to-date.
Is Apple a Buy, Sell, or Hold?
Overall, analysts are cautiously optimistic about Apple stock. With 22 Buy, 11 Hold, and one Sell recommendations, the stock has a Moderate Buy consensus rating. Analysts’ average price target on AAPL stock is $207.72, implying 6.05% upside potential.
While Apple was the most sold stock, let’s examine the full list for May.
- Tesla
- Nvidia
- Amazon
- Microsoft
- Advanced Micro Devices
- Meta Platforms
- Alibaba (NYSE:BABA)
- Palantir
- Alphabet
We’ll return shortly with the top-traded stocks from June 2024. While you wait, keep an eye on market trends with ease by tracking your portfolio’s performance using the TipRanks Smart Portfolio tool.
