April was possibly the most tumultuous month so far this year, amid high inflation, speculations about an impending recession, tighter monetary policy, persistent supply chain disruptions, and more.
The technology sector was one of those areas that were hit the hardest, as reflected in the losses in the tech-heavy Nasdaq Composite, which experienced its worst month since 2008.
We wanted to see which stocks were traded most in this highly volatile month of April by TipRanks investors. To accomplish that, we checked the month’s Buy and Sell transactions of the 580,244 investors who hold a TipRanks Smart Portfolio.
Most Bought Stocks
There were a few changes here and there in April’s list of most bought stocks, compared with March’s list. Looking at April’s list, we noticed that Apple (NASDAQ: AAPL) continued to be the most bought stock, as it did in March.
With April being a difficult month for tech stocks, the prices of major tech stalwarts have lost considerable valuation. Needless to say, even Apple was not spared, shedding around 10% during the month. However, Apple’s long-documented technological stronghold and innovations possibly made it a safe bet at a discount for investors during uncertain times.
This positive sentiment is reflected in the Strong Buy consensus rating on the AAPL stock, based on 21 Buys and five Holds. The average price target of $191.04 is also fairly attractive, with about 20% upside potential.
Last week, Evercore ISI analyst Amit Daryanani maintained a Buy rating on the stock with a price target of $210, buoyed by management’s assurance that most supply issues are in the past. Daryanani expects “some of these revenues to come back as they likely create more pent-up demand” for Apple.
The analyst believes that the company is well positioned to consistently maintain mid-single-digit to low-double-digit growth in earnings per share over the coming years.
1. Apple, unchanged
3. Tesla, previously second, replaced Amazon (AMZN)
4. Nvidia (NVDA), no change
5. Meta Platforms (FB), no change
7. Amazon, previously third, replaced Microsoft
9. Nio, previously sixth, replaced Alphabet (BABA)
10. Advanced Micro Devices (AMD), previously 12th, replaced Alibaba
Most Sold Stocks
Many of the 10 most sold stocks were the same as those in March. Interestingly, while being the most bought stock, Apple also remained the most sold stock this month, for the third time in a row.
This skeptical cohort of investors represents the fear in the market about inflation, high interest rates, geopolitical unrest, component shortages, and looming recession, all of which are possibly going to heavily impact the technology sector, including Apple.
Coming back to the most sold stocks, Alibaba dropped off the list and Twitter (NYSE: TWTR) entered, given its back and forth with Tesla chief Elon Musk. Twitter is currently awaiting the completion of its takeover deal with Musk, to be taken private by the latter.
There was a 22.3% increase in the number of portfolios holding the TWTR stock, in the last 30 days. However, Wall Street analysts are treading cautiously, with a Hold consensus rating, based on three Buys, 26 Holds, and two Sells in the past three months. The average Twitter price target of $50.76 indicates 3.9% upside potential.
1. Apple, unchanged
2. Tesla, unchanged
3. Nvidia, unchanged
4. Meta Platforms, previously sixth, replaced Nio
5. Microsoft, unchanged
6. Amazon, previously seventh, replaced Meta Platforms
7. Advanced Micro Devices, previously eighth, replaced Amazon
8. Nio, previously fourth, replaced AMD
9. PayPal (PYPL), unchanged
10. Twitter, previously 189th, replaced Alibaba
We’ll be back soon with May’s most traded stocks. In the meantime, if you want to check out your own portfolio’s performance, open a Smart Portfolio on TipRanks.
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