Most traded stocks: Tesla stock trades at 8-month high

Most traded stocks

Below is a list of the 20 most traded stocks among StoneX Retail clients during the five trading sessions to the end of play on Friday June 16. Exchange-traded funds (ETFs) have been excluded.

Tesla (+5.1%) has remained the most popular stock among traders, with the electric carmaker closing at fresh eight month highs on Friday as it continues to find momentum in wake of announcing Ford and General Motors are tapping into its charging network. The stock enjoyed its longest-ever winning streak after closing up for 13 consecutive sessions to June 14, which added over $240 billion in value to the company – the equivalent of adding the value of Toyota in less than two weeks! That has, however, caused Tesla to become the most overbought stock in the Nasdaq 100 based on the Relative Strength Index (RSI).

That deal has also pushed up Ford (+4.3%), which hit nine month highs on Friday. Chairman Bill Ford Jr warned that the US is ‘not quite ready’ to compete with China on electric vehicles and said the company is taking an ‘all hands on deck’ approach to prepare as more Chinese firms begin exporting their cars to other markets. ‘They are not here, but they will come here we think at some point and we need to be ready, and we’re getting ready,’ he said in an interview with CNN.

Apple (+2%) shares hit all-time highs on Friday before ending the day down. The iPhone maker is currently worth some $2.9 trillion, putting it within touching distance to become the first publicly-listed company to earn that elusive $3 trillion valuation.

Meta (+5.1%) hit fresh 18-month highs on Friday before coming under some pressure and closing at $281. BofA Global Research raised its target price on the social media stock to $320 from $300 on Friday.

NVIDIA (+8.9%) shares also climbed to all-time highs late last week before closing down on Friday. The chipmaker became just the fifth publicly-listed company to earn a $1 trillion valuation last week as the artificial intelligence-driven rally continues, although its valuation looks lofty on several metrics at present. It currently trades at a 68% premium to its rivals in terms of its blended-forward price-to-earnings ratio! Still, Morgan Stanley named it as its Top Pick in the semiconductor space, stating only NVIDIA is in a position to beat expectations this year because of the momentum from AI this year.

AMD (-6.6%) lost ground this week after failing to impress with its new AI ‘superchip’. There was no confirmation of any big name customers willing to adopt its chip, although reports suggest Amazon Web Services is among those considering it.

Adobe (+6.8%) is at 16-month highs, although it struggled to find higher ground on Friday. The software giant has become the latest to undergo the AI treatment. The company beat expectations and posted a rosier outlook than forecast when it reported results last week. Morgan Stanley said Adobe cleared a ‘high bar’ for the quarter and said there is AI momentum ahead after it started rolling out new products, including its image generating Firefly platform, to customers.

Oracle (+9.6%) shares climbed to all-time highs last week before facing some resistance on Friday to end the week at $125.46. The company beat expectations last week and said it plans to develop powerful generative AI services, allowing it to ride the AI wave ripping through Wall Street. That news was followed by Goldman Sachs raising the stock to Neutral last week as a number of other brokers raised their target price, including UBS to $120 from $110, Deutsche Bank to $135 from $120, Bernstein to $142 from $120 and Morgan Stanley to $105 from $90.

C3.ai (+17.9%) hit 20-month highs last week. Retail traders have continued to back the company and its AI prospects after some analysts threw doubt over its ability to capitalise. C3.ai still trades well below its IPO price and there are plenty betting against the company, with short interest standing at over 35% of its float at present. That may be catching the eye of retail traders looking for short-squeezes as they try and force short sellers to cover their positions.

Palantir (+5.6%) hit 18-month highs last week, having found fresh momentum after BofA Global Research set the highest target price on Wall Street of $18, below the $16.30 it closed at on Friday.

Away from the world of AI, airplane maker Boeing (+1.2%) hit 18-month highs before giving back its gains toward the end of the week. The company said it plans to increase the rate of production of the 737 MAX to 38 per month ‘pretty soon’, but warned supply chain problems are persisting. It is currently producing around 31 of the planes each month. Aerospace stocks are worth watching this week considering it is the Paris Air Show.

Match Group (+1.2%) managed to move above its 200-day moving average for the first time since November 2021 last week, albeit briefly.

Food giant Nestle (+1.4%) rebounded from three-month lows last week and currently trades at its highest level in almost two weeks.

Chinese giant Alibaba (+7.1%) hit two-month highs last week, when president Michael Evans said the ecommerce giant is making its expansion in Europe a priority. ‘What we will focus more for the future is to build local businesses, so you will see something called Tmall which we have in China become Tmall in Europe, which means we will serve local brands and local customers in local markets,’ he said at a conference in Paris. It has started with a pilot project in Spain before rolling-out its strategy across the continent. That comes as Alibaba prepares to break itself up into six different businesses. Alibaba has also benefited from a broader rally in Chinese ADRs on hopes that fresh stimulus could be introduced in China.

Singapore Airlines (+4.4%) gained ground last week but has come under pressure since UOB warned its valuation looks ‘very stretched’. The broker said Singapore Airlines is outstanding among regional peers and raised its target price on the airline, but thinks the recent rally, having jumped over 19% since the start of June alone, has made it too expensive, with the RSI also in deep overbought territory.