June was marred by disappointing data, outlook, and growing fears of a recession, which pushed the economy firmly into bear-market territory. Most importantly, May’s inflation data released in June revealed 40-year high inflation, indicating that the two previous benchmark interest rate hikes did little to rein it in.
Needless to say, trading patterns have been volatile throughout the month. However, certain transactions were hard to miss. To have a better look at June’s trading patterns, we checked the month’s Buy and Sell transactions of the 526,743 investors that hold a TipRanks Smart Portfolio.
Most Bought Stocks
We noticed some changes in June’s list of most bought stocks when we compared it with May’s list. Looking at the previous month’s list, we noticed that e-commerce and technology behemoth Amazon (AMZN) topped the list as the most bought stock, replacing Take-Two Interactive (TTWO).
Amazon sprinted to the top last month for several reasons, including its fundamental strength. However, one of those possible reasons that stood out was the announcement of its 20-for-1 stock split. This led to a fresh bout of interest among retail investors, who sprang at the opportunity to Buy Amazon shares at a lower post-split price.
Last week, Evercore ISI analyst Mark Mahaney reiterated a Buy rating on the stock, with a price target of $180.
Wall Street has a Strong Buy consensus rating on AMZN stock based on 38 Buys and one Hold rating assigned over the past three months. The average AMZN price target of $179.67 is also appealing, implying upside potential of just over 55% from current price levels.
1. Amazon, previously 5th, replaced Take-Two
3. Microsoft (MSFT), previously 7th, replaced Apple
4. Tesla (TSLA), unchanged
5. Shopify (SHOP), previously 22nd, replaced Amazon
6. Nvidia (NVDA), unchanged
7. Ford Motor (F), previously 19th, replaced Microsoft
8. Meta Platforms (META), unchanged
9. Advanced Micro Devices (AMD), unchanged
10. Nio (NIO), unchanged
Most Sold Stocks
Many of the 10 most sold stocks were the same as in May. However, the most sold stock of June changed, breaking the streak for Apple, which topped the list four consecutive times until May.
Cancer vaccine developer and marketer Genocea Biosciences (GNCA) topped the list this time. The entry of Shopify among the top 10 most sold stocks, along with Genocea, displaced Coinbase (COIN) and SoFi Technologies (SOFI).
However, the Wall Street consensus is cautiously optimistic about Genocea, with a Moderate Buy consensus rating based on two Buys and two Holds.
The average Genocea price target of $2.72 indicates around 18,000% upside potential. Nonetheless, the most recent price target is two months old. Therefore, it may be outdated by now.
1. Genocea, previously 1528th, replaced Apple
2. Apple, previously 1st, replaced Tesla
3. Tesla, previously 2nd, replaced Amazon
4. Amazon, previously 3rd, replaced Nvidia
5. Nvidia, previously 4th, replaced Microsoft
6. Microsoft, previously 5th, replaced Nio
7. Shopify, previously 24th, replaced Coinbase
8. Nio, previously 6th, replaced Meta Platforms
9. Advanced Micro Devices, unchanged
10. Meta Platforms, previously 8th, replaced SoFi Technologies
We will be back with July’s most traded stocks soon. In the meantime, if you want to check the performance of your own portfolio, opening a Smart Portfolio on TipRanks could be a smart option.