The broader market indices saw a positive trend in August 2024. The Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) increased about 1.1%, 2.3%, and 1.8%, respectively. In this context, we analyzed the Buy and Sell transactions carried out by investors maintaining a TipRanks Smart Portfolio, to gain better insights into trading patterns for the month.
August’s Most-Bought Stock
Chip giant Nvidia (NVDA) was the most bought stock in August. The company’s dominant position in the artificial intelligence (AI) market and stellar financial performance keep investors confident about its performance. Moreover, the company’s AI chips continue to be in high demand due to the increasing adoption of generative AI.
Is Nvidia a Buy, Sell, or Hold?
Nvidia stock has a Strong Buy consensus rating based on 39 Buys and four Hold recommendations. Despite a year-to-date rally of 118%, the analysts’ average price target on Nvidia stock of $151.79 implies an upside potential of 40.55% from the current level.
In addition to Nvidia, let’s look at the other most-bought stocks for August.
Top 10 Most-Bought Stocks
Observing the investment trends in August, we discovered investors continued to trade tech stocks, primarily with exposure to AI. Here is the list of the most-bought stocks for August:
- Nvidia
- Amazon (AMZN)
- Microsoft (MSFT)
- Apple (AAPL)
- Alphabet (GOOGL)
- Tesla (TSLA)
- Meta Platforms (META)
- Advanced Micro Devices (AMD)
- Broadcom (AVGO)
- Super Micro Computer (SMCI)
August’s Most-Sold Stock
Surprisingly, Nvidia was also the most sold stock by investors, according to the TipRanks Smart Portfolio. Perhaps, investors might have taken advantage of NVDA’s recent price increase by selling their shares to lock in profits.
While Nvidia was the most sold stock, let’s examine the top 10 list for August.
- Nvidia
- Amazon
- Apple
- Microsoft
- Tesla
- Alphabet
- Advanced Micro Devices
- Meta Platforms
- Super Micro Computer
- Palantir Technologies (PLTR)
We’ll return shortly with the top-traded stocks from September 2024. In the meantime, stay updated on market trends effortlessly by monitoring your portfolio’s performance with the TipRanks Smart Portfolio tool.
