After trending lower for three consecutive months, the broader market indices reversed course and finished higher in November 2023. Simultaneously, the magnificent seven stocks exhibited noteworthy gains, maintaining the upward momentum in their prices that commenced earlier in the year.
What stands out is that Tesla (NASDAQ:TSLA), which came under pressure due to concerns around EV (electric vehicle) demand and price cuts, jumped about 22% in value in November. At the same time, Nvidia (NASDAQ:NVDA) stock, which witnessed notable growth due to solid AI (Artificial Intelligence)-driven demand, gained roughly 14% in value.
Coming back to the three major U.S. indices, the S&P 500 (SPX) gained about 9.6%. At the same time, the Nasdaq 100 Index (NDX) and the Dow Jones Industrial Average (DJIA) increased by about 11.3% and 9.2%, respectively.
Against this backdrop, we delved into the Buy and Sell transactions executed by investors maintaining a TipRanks Smart Portfolio, seeking to gain a more profound insight into the trading patterns throughout November.
November’s Most-Bought Stock
Keeping the top spot, Apple (NASDAQ:AAPL) was again the most-bought stock for November. The market’s confidence in Apple stock contributed to an 11.7% increase in its value during November 2023. Investors’ confidence remains high on AAPL stock despite the weakness in sales of iPads and wearables. This reflects Apple’s growing active device user base, strength in its Services division, and benefits from higher iPhone price/mix.
Further, Apple consistently enhances its shareholders’ returns via significant share repurchases and dividend payments. With Apple retaining the top spot as the most bought stock, let’s look at what the Street recommends for the iPhone maker.
Is Apple a Buy, Hold, or Sell?
With 25 Buys and eight Holds, AAPL stock has a Strong Buy consensus rating. Further, the average AAPL stock price target of $201.99 suggests a 5.62% upside potential from current levels.
Along with Apple, let’s look at the other most-bought stocks for November.
Top 10 Most-Bought Stocks
Observing the investment trends in November, we discovered investors continued to chase tech stocks, as the top 10 most-bought stocks belonged to this sector. Furthermore, investors also focused on spreading their risk by investing in top ETFs (exchange-traded funds) such as the Invesco QQQ Trust (QQQ) and the SPDR S&P 500 ETF Trust (SPY). Here is the list of the most-bought stocks for November:
- Apple
- Amazon (NASDAQ:AMZN)
- Microsoft (NASDAQ:MSFT)
- Nvidia
- Tesla
- Alphabet Class C (NASDAQ:GOOG)
- Alibaba (NYSE:BABA)
- Invesco QQQ Trust
- SPDR S&P 500 ETF Trust
- Alphabet Class A (NASDAQ:GOOGL)
November’s Most-Sold Stock
Surprisingly, Tesla stock, which gained significantly in November, was most sold by investors maintaining a TipRanks Smart Portfolio. Concerns around margins, growing competition, and higher interest rates taking a toll on EV demand could be why investors sold Tesla stock.
Nonetheless, Tesla continues to lead the EV industry. Moreover, it is poised to benefit in the long term due to its focus on cost reduction, continuous product improvement, and vehicle autonomy.
Is Tesla a Buy or a Hold?
While Tesla is a solid long-term bet, the company’s margins have consistently trended lower over the past several quarters, keeping analysts sidelined. In addition, the lower demand environment could lead the company to announce further price cuts to boost volumes, which will again pressure margins.
Overall, with 14 Buy, 13 Hold, and six Sell recommendations, TSLA stock has a Hold consensus rating. Analysts’ average price target of $246.93 implies a 3.39% upside potential from current levels.
While Tesla was the most sold stock, let’s look at the complete list for November.
- Tesla
- Apple
- Nvidia
- Amazon
- Microsoft
- Advanced Micro Devices (NASDAQ:AMD)
- Alphabet Class A
- Alibaba
- Meta Platforms (NASDAQ:META)
- Walt Disney (NYSE:DIS)
We’ll be back soon with the top-traded stocks from December 2023. While you wait, stay ahead of the market by effortlessly monitoring your portfolio’s performance with the TipRanks Smart Portfolio tool.
