The Most-Traded Stocks by TipRanks Investors in October 2023

The broader market indices continued to trend lower in October 2023. The persistently high-interest rate environment, pressure on consumer spending, and uncertainty over the future trajectory of the economy are taking a toll on the equity market. Meanwhile, the magnificent seven stocks, which marked an exceptional recovery since the beginning of this year, delivered a mixed performance. 

What stands out is that Tesla (NASDAQ:TSLA) stock lost over 18% of its value in October due to concerns over slowing demand and pressure on margins. Meanwhile, Alphabet’s (NASDAQ:GOOGL) stock ended the month about 6.2% lower due to the slowdown in its Cloud business. Further, Nvidia (NASDAQ:NVDA) stock, which skyrocketed due to the stellar AI (Artificial Intelligence)-driven demand, lost over 5.3% of its value in October. On the other hand, Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN) stock closed in the green. 

Returning to the three major U.S. indices, the S&P 500 (SPX) fell nearly 2.5%. At the same time, the Nasdaq 100 Index (NDX) and the Dow Jones Industrial Average (DJIA) dropped about 2% and 1.8%, respectively. 

Against this backdrop, we delved into the Buy and Sell transactions of investors who maintain a TipRanks Smart Portfolio, aiming to gain a deeper understanding of the trading patterns in October.

October’s Most-Bought Stock

Once again, Apple (NASDAQ:AAPL) was the most-bought stock for October. Investors’ confidence in Apple stock remains high despite the weakness in sales of iPads and wearables. This confidence is rooted in Apple’s expanding active device user base, the robust performance of its Services division, and the anticipation of heightened sales for premium-priced iPhones.

Further, Apple’s ability to enhance its shareholders’ returns through solid dividend payments and share repurchases acts as a catalyst.

As Apple reclaimed the top spot as the most bought stock, let’s look at what the Wall Street analysts recommend for the iPhone maker.

Is Apple a Buy, Hold, or Sell?

While investors continue to buy AAPL stock, a few analysts are concerned about the weakness in iPad and Wearables sales. With 22 Buys and nine Holds, AAPL stock has a Moderate Buy consensus rating on TipRanks. Further, the average AAPL stock price target of $203.35 suggests a 14.52% upside potential from current levels.

Besides for Apple, let’s look at the other most-bought stocks for October. 

Top 10 Most-Bought Stocks

Observing the investment trends in October, we discovered that the tech sector continued to dominate, as the top 10 most-bought stocks belonged to this category. Furthermore, investors spread their risk by allocating funds to well-liked ETFs (exchange-traded funds) such as the SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust (QQQ). Here is a compilation of the most-bought stocks for October:

1. Apple
2. Tesla 
3. Amazon 
4. Nvidia 
5. Microsoft 
6. Alphabet Class C (NASDAQ:GOOG)
7. Invesco QQQ Trust
8. SPDR S&P 500 ETF Trust 
9. Alibaba (NYSE:BABA)
10. Alphabet Class A

October’s Most-Sold Stock

Surprisingly, Apple was also the most-sold stock in October. Profit booking, concerns around hardware sales ahead of Q4 earnings, and fear around growing competition in China could be why investors sold AAPL stock. 

While Apple was the most sold stock, let’s look at the complete list for October.

1. Apple
2. Tesla 
3. Amazon 
4. Nvidia
5. Microsoft 
6. Alphabet Class A 
7. Meta Platforms (NASDAQ:META) 
8. Advanced Micro Devices (NASDAQ:AMD) 
9. Alibaba 
10. Alphabet Class C

We’ll return shortly with the top-traded stocks from November 2023. In the meantime, stay ahead of the market by tracking your portfolio’s performance easily with the TipRanks Smart Portfolio tool. 

Disclosure