In this article, we will take a look at the 5 best most active stocks to buy now. To read our analysis of the recent trends, and market activity, you can go to the 13 Best Most Active Stocks to Buy Now.
5. Bank of America Corporation (NYSE:BAC)
Average 3-month Volume: 48.42 million
Number of Hedge Fund Holders: 91
Based in Charlotte, North Carolina-based, Bank of America Corporation (NYSE:BAC) is a leading financial services company offering full range of banking, investing, asset management and other financial and risk management products and services to individual consumers, small and middle-market businesses, and large corporations. It serves nearly 68 million consumer and small business clients in the United States.
On July 5, Bank of America Corporation (NYSE:BAC) announced that it plans to increase the quarterly dividend payments by 9% to $0.24 per share from Q3 2023, subject to approval from its Board of Directors. This translates to a dividend yield of 3.22% based on the share price on July 6.
According to the Insider Monkey data on 943 leading hedge funds, 91 hedge funds were long Bank of America Corporation (NYSE:BAC) shares as of Q1 2023. Warren Buffet’s Berkshire Hathaway was the largest hedge fund shareholder with ownership of 1.03 billion shares valued at $29.5 billion.
4. Apple Inc. (NASDAQ:AAPL)
Average 3-month Volume: 56.65 million
Number of Hedge Fund Holders: 131
Apple Inc. (NASDAQ:AAPL) is a leading technology company focused on the designing, manufacturing, and marketing of smartphones, personal computers, tablets, wearables, and accessories, and sells a variety of related services.
On May 4, Apple Inc. (NASDAQ:AAPL) released its financial results for the quarter ended April 1, 2023. Its revenue declined by 3% y-o-y to $95 billion while net income shrunk by 3% y-o-y to $24.2 billion. The Board of Directors of the company declared a quarterly cash dividend of $0.24, an increase of 4%. It also authorized an additional share repurchase program of up to $90 billion.
On July 11, KeyBanc analyst Brandon Nispel raised the price target on Apple Inc. (NASDAQ:AAPL) shares to $200 from $180 and maintained an ‘Overweight’ rating for the shares.
As of Q1 2023, Apple Inc. (NASDAQ:AAPL) shares were held by 128 of the 943 hedge funds tracked by Insider Monkey with the total shares held by hedge funds valued at a whopping $165 billion. Warren Buffet’s Berkshire Hathaway was its biggest shareholder with ownership of 915.6 million shares valued at $151 billion.
3. Amazon.com, Inc. (NASDAQ:AMZN)
Average 3-month Volume: 62.38 million
Number of Hedge Fund Holders: 243
Amazon.com, Inc. (NASDAQ:AMZN), is a multinational technology company operating online and physical stores where it sells its own products as well as allows third-party sellers to sell their products to consumers. It manufactures and sells electronic devices, including Kindle, Fire tablet, Fire TV, Echo, and Ring, and develops and produces media content; and provides cloud computing services through Amazon Web Services platform.
On April 27, Amazon.com, Inc. (NASDAQ:AMZN) released its financial results for Q1 2023. Its revenue increased by 9% y-o-y to $127.4 billion which translated to a net income of $3.2 billion compared to a net loss of $3.8 billion in Q1 2022.
Ranked 3rd on our list of 13 best most active stocks to buy now, Amazon.com, Inc. (NASDAQ:AMZN) is also highly sought after by hedge funds with 243 out of the 943 hedge funds tracked by Insider Monkey hold its shares with a total value of $25.8 billion.
2. Advanced Micro Devices, Inc. (NASDAQ:AMD)
Average 3-month Volume: 67.22 million
Number of Hedge Fund Holders: 91
Based in Santa Clara, California, Advanced Micro Devices, Inc. (NASDAQ:AMD) is a leading semiconductor company using high-performance computing, graphics, and visualization technologies to provide computing solutions for cloud, edge, and end devices.
On June 13, Advanced Micro Devices, Inc. (NASDAQ:AMD) unveiled new EPYC processors for cloud native and technical computing for data centers. The company also revealed its AI Platform strategy which includes MI300 Series accelerator family, as well as software solutions.
On July 5, Northland analyst Gus Richard raised the price target on Advanced Micro Devices, Inc. (NASDAQ:AMD) shares to $150 from $81 and upgraded the rating on the shares to ‘Outperform’ from ‘Market Perform’.
As of Q1 2023, 91 hedge funds tracked by Insider Monkey held shares of Advanced Micro Devices, Inc. (NASDAQ:AMD), worth $4.9 billion. Ken Fisher’s Fisher Asset Management is its largest hedge fund shareholder with ownership of 26.3 million shares valued at $2.6 billion.
1. Tesla, Inc. (NASDAQ:TSLA)
Average 3-month Volume: 138.05 million
Number of Hedge Fund Holders: 82
Based in Austin, Texas, Tesla, Inc. (NASDAQ: TSLA), designs, develops, manufactures, sell and lease fully electric vehicles and energy generation and storage solutions. Its current portfolio of products includes Model 3 and Model S sedans, Model Y and Model X SUVs, while upcoming products include Cybertruck, Tesla Roadster and Tesla Semi – a light commercial vehicle.
Tesla, Inc. (NASDAQ: TSLA) produced nearly 480,000 vehicles in Q2 2023 and delivered more than 466,000 vehicles during the same period. The company has six large scale manufacturing facilities across the world, including its first plant in California, and gigafactories across Nevada, New York, Shanghai, Texas, and Berlin.
On July 6, BofA analyst John Murphy raised the price target on Tesla, Inc. (NASDAQ:TSLA) shares to $300 from $225 but maintained a ‘Neutral’ rating for the shares.
Tesla, Inc. (NASDAQ:TSLA) is the best most active stock to buy now based on hedge fund sentiment as well as average 3-month trading volume. Its shares were held by 82 hedge funds with total value of $6.4 billion, as of March 31.
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