Despite the continued macroeconomic uncertainty and another 75 basis-point interest rate hike, July was the best month for the stock market in the last two years. Trading trends have been largely positive through the month, as the major indexes of the U.S. stock market ended each week of July in green.
Certain transactions stood out amid all the enthusiasm. There were stocks that were bought or sold, or both, at significant volumes. To understand July’s trading patterns better, we checked the month’s Buy and Sell transactions of the 526,743 investors that hold a TipRanks Smart Portfolio.
Most Bought Stocks
There were some noticeable changes in July’s list of most bought stocks compared to June’s list. Nonetheless, e-commerce and technology stalwart Amazon (AMZN) remained the most bought stock.
Amazon maintained its top position last month, driven by the fundamental strength of its widely diversified business. Investors looked at the company as one that could weather a recession and emerge with minimal damage.
On Wall Street, all analysts but one are bullish on Amazon, with a Strong Buy consensus rating supported by 39 Buys and one Hold. Moreover, the average AMZN price target of $176.04 implies an upside potential of just over 23% from current price levels.
Earlier this week, Deutsche Bank analyst Lee Horowitz maintained a Buy rating on the stock and raised the price target to $175 from $155. “As cost headwinds abate, leverage from an unprecedented investment cycle are likely to drive premium FCF (free cash flow) growth at scale over the next two years,” said Horowitz.
Here are July’s top 10 most bought stocks:
1. Amazon, unchanged
2. Alphabet (GOOGL), previously 15th, replaced Apple (AAPL)
3. Apple, previously 2nd, replaced Microsoft (MSFT)
4. Microsoft, previously 3rd, replaced Tesla (TSLA)
5. Nvidia (NVDA), previously 6th, replaced Shopify (SHOP)
6. Tesla, previously 4th, replaced Nvidia
7. Alphabet Class C (GOOG), previously 27th, replaced Ford Motor (F)
8. Meta Platforms (META), unchanged
9. Advanced Micro Devices (AMD), unchanged
10. Intel (INTC), previously 13th, replaced Nio (NIO)
Most Sold Stocks
There were a few new entrants to the list of the 10 most sold stocks in July when compared to June. However, this time, Meta Platforms topped the list, replacing cancer vaccine developer and marketer Genocea Biosciences (GNCA).
The entry of Alphabet Class C, energy provider Enterprise Products Partners (EPD), and the SPDR S&P 500 ETF Trust (SPY) among the top 10 most sold stocks, displaced Genocea, Shopify, and Advanced Micro Devices.
Coming back to the most sold stock, Meta Platforms, the Wall Street analyst consensus is cautiously optimistic, with a Moderate Buy consensus rating based on 28 Buys, six Holds, and two Sells. The average price target for Meta Platforms stands at $226.26, indicating around 33% upside.
Here are the top 10 most-sold stocks for July:
1. Meta Platforms, previously 10th, replaced Genocea
2. Alphabet, previously 17th, replaced Apple
3. Nio, previously 8th, replaced Tesla
4. Amazon, unchanged
5. Tesla, previously 3rd, replaced Nvidia
6. Apple, previously 2nd, replaced Microsoft
7. Alphabet Class C, previously 34th, replaced Shopify
8. Enterprise Products Partners, previously 60th, replaced Nio
9. SPDR S&P 500 ETF Trust, previously 39th, replaced Advanced Micro Devices
10. Nvidia, previously 5th, replaced Meta Platforms
We will be back with the most traded stocks of August, soon. In the meantime, if you want to check how your own portfolio is performing, opening a Smart Portfolio on TipRanks might be the right choice.
