Discusses the most bought stocks by retail investors
Today’s update examines the most bought stocks by retail investors over the last 5 trading days.
Major indexes in the U.S. ended the week lower, with the DOW falling about 0.2%, Nasdaq falling the most out of major indexes by 1.6% and the S&P 500 retreating 0.9%. The Russell small cap index slipped a further 2% over the week but aided by a 2.2% rally on Friday.
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Top 5 Purchased Securities This Week
Below you will find the five most popular stocks bought by retail investors.
- GameStop Corp. (NYSE:GME)
Shares of American video game retailer GameStop moved 10.2% higher over the week after the company confirmed the launch of the long awaited NFT marketplace on Monday. The marketplace allows parties to connect their own digital asset wallets including the recently launched GameStop wallet.
The company plans to expand the marketplaces functionality to include additional categories including; Web3 gaming, more creators and other Ethereum environments.
GME shares are net 7% lower since the beginning of 2022, outperforming broader markets that continue to sink lower. During the last 6 months, the stock has doubled and halved with many volatile swings.
- Exela Technologies Inc (NASDAQ:XELA)
Global automation company Exela Technologies shares ended the week 8.6.% lower, continuing its year to date slide. The downward trend was halted mid week with the release of news that the company had received an offer for one of its business units after announcing a strategic review to sell non-core assets earlier in June. Fintel journalists wrote an update on the story that can be viewed here.
Following the release of the news, shares rebounded 11% and held firm around the 10 cent level till the end of the week. The company is focused on reducing total debt obligations to repair the balance sheet ahead of expected interest rate rises.
XELA has a consensus ‘overweight’ rating from the two institutions that cover it. The average price target across the two analysts is $1.73, which suggests over 1,000% upside form current levels.
- VLCN – Volcon Inc (NASDAQ:VLCN)
Electric off road powersport vehicle producer Volcon’s shares ended the week 4% lower after erasing all gains from a 40% rise experienced on Monday’s trading. VLCN’s stock rallied higher on Monday after the company announced that it had received thousands of orders for its fully electric Stag UTV off road buggy.
The company first began taking pre-production orders on the 27th of June and has since received orders for that would generate over $70 million in revenue following delivery. The stock remains 86% lower year to date and has a current market capitalization of $37 million which would imply an 0.5x sales multiple valuation if the company was to theoretically realize this revenue over a year.
VLCN is covered by one analyst at Ageis Capital that has a ‘buy’ recommendation and $8.65 target, suggesting 300% upside to the current share price.
- USEA – United Maritime Corp (NASDAQ:USEA)
United Maritime is a company that first listed on the Nasdaq on July 6th, after being spun out of Seanergy Maritime Holdings (US:SHIP). Since listing, the spin-off share price more than doubled before halving as investors struggle to put a valuation on the company.
USEA shares ended the week 20% lower after being down as much as 70% by Thursday, before rallying 175% on Friday. The stock may seem like a trader’s dream in the current market.
- Earthstone Energy Inc (NYSE:ESTE)
Oil and gas property developer Earthstone Energy shares ended the week 3.6% lower, continuing to cool off a significant May/June rally which saw the stock rally over $22 per share.
Earlier in the month, RBC Capital Markets downgraded the stock to ‘sector perform’ from ‘outperform’, with the call based on relative valuation as ESTE has performed better than peers year to date.
ESTE has a consensus ‘overweight’ recommendation and $38 price target, suggesting 125% upside exists in the stock.
Top 10 most widely held securities this week on the Fintel platform:
The Fintel Retail Ownership shows the most popular securities held by Fintel users linked to their broker accounts. This list is based on actual ownership records from broker accounts.
Article by Ben Ward, Fintel
Image and article originally from www.valuewalk.com. Read the original article here.