Last week we entered a new quarter, leaving behind the worst quarter in two years, ending March 31.
The stock market remained highly volatile, spurred by skyrocketing inflation, never-ending geopolitical unrest, and an uncertain economic outlook with a possible recession on the horizon.
To see which stocks were traded by TipRanks investors in the volatile month of March, we looked at the month’s Buy and Sell transactions of the 580,244 investors who hold a TipRanks Smart Portfolio.
Most Bought Stocks
Compared to February’s list, the list of most bought stocks of March was not a complete overhaul, but rather, a reshuffle. In March, Apple (NASDAQ: AAPL) took position as the most bought stock, followed by Tesla. Looking at February’s list, Apple replaced Advanced Micro Devices, which slid to the 12th position this time around.
Apple’s aggressive focus on innovations helped it weather the storms last month and remain appealing to investors despite March being a difficult month for tech stocks.
Shares of Apple managed to gain around 7% in March. This positive sentiment is evident from the Strong Buy consensus rating based on 23 Buys and five Holds. The average price target of $193.36 is also fairly attractive, with an upside potential just under 10%.
Last week, Bank of America Securities analyst Wamsi Mohan warned investors to not get swayed away from the stock by the recent pullback in Apple’s production plans for entry-level iPhones and iPhone 13 in response to demand shortage stemming from the Russia-Ukraine war.
Mohan says that the fact that Apple trimmed its trade-in prices for used iPhones after launching the latest iPhone SE shows that the company is not worried about demand for its latest iPhones.
This is because, a lower trade-in price actually hurts the demand for new phones, and if the demand for new iPhones was already at stake, then Apple wouldn’t have cut the trade-in prices.
Mohan reiterated a Buy rating on Apple with a price target of $215.
1. Apple (AAPL), previously 2nd, replaced Advanced Micro Devices
2. Tesla (TSLA), previously 5th, replaced Apple
3. Amazon (AMZN), previously 9th, replaced Meta Platforms
4. Nvidia (NVDA), no change
5. Meta Platforms (FB), previously 3rd, replaced Tesla
6. Nio (NIO), previously 10th, replaced Microsoft
7. Microsoft (MSFT), previously 6th, replaced Alphabet
8. SoFi Technologies (SOFI), previously 1st, replaced PayPal
9. Alphabet (GOOGL), previously 7th, replaced Amazon
10. Alibaba (BABA), previously 18th, replaced Nio
Most Sold Stocks
Nine out of 10 of the most sold stocks were the same as those in February. Disney dropped off the list and Alibaba re-entered after enjoying a month off in February.
Apple interestingly captured the top position in the most sold stocks of the month as well.
Despite being at the bottom of the most sold stocks list, Alibaba (NYSE: BABA) is quite popular with Wall Street analysts as well as TipRanks investors.
There was a 1.8% increase in the number of portfolios holding the stock. Moreover, the stock has a Strong Buy consensus rating, based on 17 Buys and one Sell in the past three months. The average price target of $169.76 indicates around 52% upside.
1. Apple (AAPL), unchanged
2. Tesla (TSLA), previously 3rd, replaced Meta Platforms
3. Nvidia (NVDA), previously 4th, replaced Tesla
4. Nio (NIO), previously 9th, replaced Nvidia
5. Microsoft (MSFT), previously 6th, replaced PayPal
6. Meta Platforms (FB), previously 2nd, replaced Microsoft
7. Amazon (AMZN), no change
8. Advanced Micro Devices (AMD), no change
9. PayPal (PYPL), previously 5th, replaced Nio
10. Alibaba (BABA), previously 17th, replaced Disney
We’ll be back soon with April’s most traded stocks. In the meantime, if you want to check out your own portfolio’s performance, open a Smart Portfolio on TipRanks.
Disclaimer: The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.