June remained a fairly exciting month for investors, with the tech sector gaining steam, thanks to the artificial intelligence (AI) buzz. The three major U.S. averages, namely the Nasdaq (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA), finished the first half of 2023 on a positive note.
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Despite the Federal Reserve’s warning of upcoming interest rate hikes, investors are hoping for a solid finish to the second half of 2023 and have pushed the shares of tech giants higher. To better understand June’s trading patterns, we looked into the month’s Buy and Sell transactions of investors who hold a TipRanks Smart Portfolio.
June’s Most-Bought Stock
Apple (NASDAQ:AAPL) is the clear winner of the month, standing at the top of the list for the most-bought stocks for June. The iPhone maker became the world’s first listed company to cross the $3 trillion market capitalization mark.
The company is undertaking strategic steps to capture a higher market share from rival Android-based phones. Plus, the company is leveraging the higher selling prices of its premium iPhone series (iPhone 15 coming this fall) and is generating increased ad revenue in the Services sector.
Albeit Apple’s upcoming mixed-reality Vision Pro headset is witnessing some hiccups in its production planning, the tech giant will likely emerge victorious once the challenges are behind.
Is Apple a Good Stock to Buy Right Now?
Wall Street analysts are highly optimistic about Apple’s stock trajectory. On TipRanks, AAPL commands a Strong Buy consensus rating based on 24 Buys and seven Hold ratings. However, the current average Apple price target of $192.93 implies that shares are almost fully valued. Year-to-date, AAPL stock is up 54.3%. Yet, analysts keep raising their price targets as the tech behemoth continues to drive power through innovation.
Wedbush analyst Daniel Ives expects Apple to head “into a massive renaissance of growth over the next 12 to 18 months.” In the best-case scenario, Ives sees the possibility of Apple reaching a $4 trillion market capitalization in 2025.
Top 10 Most-Bought Stocks
As seen from the buying pattern of investors, June was a tech-laden month, with most of the top 10 most-bought stocks belonging to that sector. Having said that, there were a few interesting exceptions in the most-bought stocks list.
Chinese e-commerce giant Alibaba (NYSE:BABA) is in the eighth spot, as investors cheered its recent CEO succession plans following the major reorganization plan announced in March 2023.
Furthermore, financial company Sofi Technologies (NASDAQ:SOFI) is number nine on the list. SOFI stock has gained 89.3% year-to-date, with hopes rising for a reversal in the fintech company’s student loan refinancing business. Student loan interests resume accruing on September 1, 2023, and payments will be due starting in October.
Here is a full list of the most-bought stocks in June:
- Apple
- Tesla (NASDAQ:TSLA)
- Amazon.com (NASDAQ:AMZN)
- Nvidia (NASDAQ:NVDA)
- Microsoft (NASDAQ:MSFT)
- Alphabet Class C (NASDAQ:GOOG)
- Alibaba
- Nio (NYSE:NIO)
- Sofi Technologies
- Alphabet Class A (NASDAQ:GOOGL)
June’s Most-Sold Stock
Electric vehicle (EV) maker Tesla was the most-sold stock in June, followed by chip maker Nvidia in the second spot. Both TSLA and NVDA shares have witnessed a solid rally this year. Tesla has been in the limelight as global automakers increasingly adopt its North American Charging Standard (NACS) connectors. Meanwhile, Nvidia stock has surged 196.4% so far in 2023 thanks to its AI-related innovations and chip demand.
Tesla even reported better-than-expected EV delivery and production numbers for the month and quarter ending June 30. Tesla achieved this feat by undertaking a series of price cuts and a production ramp-up at its Gigafactories this year. However, analysts worry that the automaker will have to resort to further price cuts to bolster demand for its EVs. Such price cuts can continue to impact Tesla’s operating margins.
Is Tesla Stock a Buy, Sell, or Hold?
Analysts are cautiously optimistic about Tesla stock. On TipRanks, out of the 17 top analysts who recently rated Tesla, eight have given it a Buy, eight have given it a Hold, and one has given it a Sell rating.
Top Wall Street analysts are those awarded higher stars by TipRanks Star Ranking System. This is based on an analyst’s success rate, average return per rating, and statistical significance (number of ratings). Based on these top analysts’ views, Tesla has a Moderate Buy consensus rating. The average Tesla stock price forecast of $214.60 implies 23.3% downside potential from current levels.
Top 10 Most-Sold Stocks
Coming back to the list, here are June’s top 10 most-sold stocks:
- Tesla
- Nvidia
- Amazon.com
- Apple
- Microsoft
- Alphabet Class C
- Advanced Micro Devices (NASDAQ:AMD)
- Meta Platforms (NASDAQ:META)
- Nio
- Sofi Technologies
We will be back soon with the most-traded stocks of July 2023. Until then, stay ahead of the market by tracking your own portfolio’s performance easily with a Smart Portfolio on TipRanks.
