Interactive Brokers (IBKR) recently released its most-traded stock list, which unexpectedly showed Nvidia (NVDA) jumping back to the top despite Tesla’s recent bout of volatility following its last earnings report. Tesla’s shares took a big 12.3% hit on Wednesday after missing earnings expectations and delaying its Robotaxi event. This contributed to a broader tech selloff that pushed the Nasdaq lower.
IBKR’s strategist, Steve Sosnick, was surprised Nvidia overtook Tesla despite Tesla’s big drop, as this shows interest in AI and semiconductor stocks is still strong.
The list also included the Direxion Daily Semiconductor Bull 3X Shares ETF (SOXL), AMD (AMD), and Taiwan Semiconductor (TSM). Sosnick pointed out that investors are still buying stocks, even with the recent tech slump.
Interestingly, CrowdStrike (CRWD) was third on the list after a faulty update caused a major IT outage that saw its stock lose almost a quarter of its value over a few days. Serve Robotics (SERV) also made the list after Nvidia’s investment sent its shares soaring. Sosnick noted it’s rare to see such a small stock rank so high and attributed the spike to Nvidia’s involvement, which caused tech-savvy traders to jump in.
What Is the Target Price for NVDA?
Turning to Wall Street, analysts have a Strong Buy consensus rating on NVDA stock based on 37 Buys, four Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. After a 147% rally in its share price over the past year, the average NVDA price target of $142.67 per share implies 27.07% upside potential.
