The broader market indices witnessed a mixed trend in July 2024. The S&P 500 (SPX) and Dow Jones Industrial Average (DJIA) increased by about 1.1% and 4.4%, respectively, while the Nasdaq 100 (NDX) declined by 1.6%. 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.
July’s Most-Bought Stock
Artificial intelligence (AI) chipmaker Nvidia (NVDA) was the most bought stock in July. Investors are confident in Nvidia due to its strong AI capabilities and dominant position in the graphic processing unit (GPU) market. The company’s chips are in high demand due to the widespread adoption of generative AI, fueling its financial performance.
Is Nvidia a Buy, Sell, or Hold?
Nvidia stock has a Strong Buy consensus rating based on 37 Buys and four Hold recommendations. Despite a year-to-date rally of 110.5% the analysts’ average price target on Nvidia stock of $144.17 implies an upside potential of 38.29% from the current level.
In addition to Nvidia, let’s look at the other most-bought stocks for July.
Top 10 Most-Bought Stocks
Observing the investment trends in July, we discovered investors continued to trade tech stocks, primarily with exposure to AI. Here is the list of the most-bought stocks for July:
- Nvidia
- Microsoft (MSFT)
- Amazon (AMZN)
- Apple (AAPL)
- Tesla (TSLA)
- Broadcom (AVGO)
- Alphabet (GOOGL)
- Meta Platforms (META)
- Advanced Micro Devices (AMD)
- CrowdStrike (CRWD)
July’s Most-Sold Stock
Interestingly, Nvidia was also the most sold stock by investors, according to the TipRanks Smart Portfolio. The blistering rally in NVDA stock likely prompted investors to book and secure profits by selling their shares.
While Nvidia was the most sold stock, let’s examine the top 10 list for July.
- Nvidia
- Tesla
- Apple
- Amazon
- CrowdStrike
- Microsoft
- Advanced Micro Devices
- Alphabet
- Meta Platforms
- Micron (MU)
We’ll return shortly with the top-traded stocks from August 2024. In the meantime, stay updated on market trends effortlessly by monitoring your portfolio’s performance with the TipRanks Smart Portfolio tool.
