The first half of November was somber, with a better-than-expected labor market, mid-term elections, and the crypto debacle. Nonetheless, the last leg of the month, though still volatile, improved on the back of an encouraging drop in October’s inflation reading. The possibility of a slowing pace of interest rate hikes kept sentiments uplifted.
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However, investors are aware that a monetary policy-induced recession is still on the cards. To better understand investors’ psychology and expectations, tracking their investment patterns is necessary. To achieve that, we dove into November’s Buy and Sell transactions of the 579,351 investors that hold a TipRanks Smart Portfolio.
Most Bought Stocks
Apple (NASDAQ:AAPL) remained the most-bought stock in November. Meanwhile, SoFi Technologies (NASDAQ:SOFI) and Taiwan Semiconductor (NYSE:TSM) found their way into the top 10 most-bought stocks of the month. These two stocks pushed Coca-Cola (NYSE:KO) and Intel (NASDAQ:INTC) off the list in October.
Apple has been facing major challenges from China, with its downsized iPhone production for more than a month. Nonetheless, a strong and loyal customer base and proven technological prowess are keeping the company afloat in turbulent waters. Apart from that, the commitment to return cash to shareholders via dividends and repurchases also maintains a healthy flow of investors.
Is Apple a Buy or Sell Now?
Despite the headwinds, analysts are bullish on the company’s longer-term opportunities. Wall Street analyst consensus has a Strong Buy rating on the AAPL stock based on 24 Buys and four Holds. Moreover, the average price target for Apple stock is $180.48, implying an upside potential of about 22.10% from current price levels.
Coming back to the list, here are November’s top 10 most-bought stocks:
1. Apple, unchanged
2. Amazon (NASDAQ:AMZN), previously 3rd, replaced Tesla (NASDAQ:TSLA)
3. Tesla, previously 2nd, replaced Amazon
4. Microsoft (NASDAQ:MSFT), previously 6th, replaced Meta (NASDAQ:META)
5. Alphabet Class A (NASDAQ:GOOGL) is unchanged
6. Meta, previously 4th, replaced Microsoft
7. Nvidia (NASDAQ:NVDA), previously 9th, replaced Nio (NYSE:NIO)
8. Nio, previously 7th, replaced Alphabet Class C (NASDAQ:GOOG)
9. Alphabet Class C, previously 8th, replaced Nvidia
10. Walt Disney (NYSE:DIS), previously 11th, replaced Alibaba (NYSE:BABA)
Most Sold Stocks
Interestingly, Apple remained at the top of this list in November too.
Fortunately for Netflix (NASDAQ:NFLX), the stock dropped out of the top 10 list and Shopify (NYSE:SHOP) entered the list.
The selling trends show that the majority of the top 10 most sold stocks were technology stocks.
Coming back to the most sold stocks, Shopify rose higher on the list, possibly as the looming fear of a recession hangs on retail stocks.
Is Shopify a Buy, Sell or Hold?
Wall Street is mostly optimistic, with a Moderate Buy consensus on SHOP stock based on nine Buys and 10 Holds. Moreover, the average price target for Shopify stock is $40.47, which indicates a 6% upside.
Shares of Shopify have tumbled around 68% this year thus far.
Here are the top 10 most-sold stocks for September:
1. Apple, unchanged
2. Meta, previously 6th, replaced Amazon
3. Amazon, previously 2nd, replaced Tesla
4. Tesla, previously 3rd, replaced Nvidia
5. Nvidia, previously 4th, replaced Microsoft
6. Microsoft, previously 5th, replaced Meta
7. Alphabet Class A, unchanged
8. AMD, unchanged
9. Shopify replaced Nio
10. Walt Disney, previously 13th, replaced PayPal
We’ll be back soon with the most actively traded stocks in December. Until then, stay ahead of the market by tracking your own portfolio’s performance easily with a Smart Portfolio on TipRanks.
