Top 20 trades in US stocks by Sharesight users – August 2023

Welcome to the August 2023 edition of Sharesight’s monthly USA trading snapshot, where we look at Sharesight users’ top 20 trades in US stocks on the Nasdaq, NYSE and NYSE American market (AMEX) over the month.

In this snapshot, buy and sell trades were strongly led by Tesla (NASDAQ: TSLA), which saw its share price soar towards the end of the month. The top trades were followed by Apple (NASDAQ: AAPL), which reported declining earnings for the third quarter in a row. It was a tech-heavy month overall, with 13 of the top 20 stocks belonging to the tech, EV, e-commerce, semiconductor and aerospace industries.

Top 20 US stock trades August 2023

Let’s look at the news behind some of the key stocks in this month’s snapshot:

Tesla (NASDAQ: TSLA)

• Tesla under investigation over secret company-funded glass house for CEO Elon Musk
• Tesla co-founder’s Redwood Materials raises over US$1 billion to fund EV battery materials business
• Share price rises 19% in less than two weeks

Apple (NASDAQ: AAPL)

• Apple revenue declines for third consecutive quarter
• Apple’s Indian revenue up 50% although it remains only 1.5% of total revenue
• Pushes back on Australian government proposal to regulate its payment service

Microsoft (NASDAQ: MSFT)

• Bing AI fails to gain search market share
• OpenAI releases version of ChatGPT for large businesses, increasing overlap with Microsoft
• Microsoft could stand to benefit from Salesforce price increases

NVIDIA (NASDAQ: NVDA)

• NVIDIA faces AI chip sales restrictions in Middle East
• NVIDIA far exceeds analysts’ expectations in Q2 earnings report
• Share price closes at all-time high

Amazon (NASDAQ: AMZN)

• Amazon share price rises 10% after beating analysts’ expectations in quarterly earnings report
• Analysts see upside for Amazon following Q2 earnings
• Confirms plans to build Australia’s largest warehouse in Melbourne

PayPal (NASDAQ: PYPL)

• PayPal stock plummets following weak earnings report
• Could news of PayPal’s new CEO lead to upside for the stock?
• Share price jumps after PayPal launches crypto stablecoin

Rocket Lab (NASDAQ: RKLB)

• Rocket Lab reports quarterly earnings on target with analysts’ expectations
• Analysts see upside for Rocket Lab following Q2 earnings and new contracts
• Rocket Lab accelerates milestone recovery mission

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FURTHER READING

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• Top 20 trades in US stocks by Sharesight users – July 2023