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Discusses the stocks most bought by retail investors
Today’s update takes a look at the most-bought stocks by retail investors over the past 5 trading days.
Major US indices ended the week down , with the DOW falling around 0.2%, the Nasdaq losing the most of the major indexes by 1.6% and the S&P 500 falling by 0.9%. The Russell Small Cap Index slipped another 2% during the week, but was helped by a 2.2% rally on Friday.
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Top 5 titles purchased this week
Below are the five most popular stocks purchased by retail investors.
Shares of US video game retailer GameStop rose 10.2% during the week after the company confirmed the launch of the long-awaited NFT market 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 games, more creators and other Ethereum environments.
GME shares are down a net 7% since the start of 2022, outperforming broader markets that continue to decline. Over the past 6 months, the stock has doubled and halved with many volatile swings.
Shares of global automation company Exela Technologies ended the week down 8.6%, continuing their decline since the start of the year. The downward trend was halted mid-week with 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 reporters have written an update on the story which can be viewed here.
Following the news, shares rebounded 11% and held around the 10 cent level through the end of the week. The company is focused on reducing total debt to repair the balance sheet ahead of expected interest rate hikes.
XELA benefits from a consensus “overweight” rating from the two institutions that cover it. The average price target of the two analysts is $1.73, which suggests an upside of more than 1000% from current levels.
Shares of electric all-terrain powersports vehicle producer Volcon ended the week down 4% after erasing all gains from a 40% rise in Monday’s trading. Shares of VLCN rose on Monday after the company announced it had received thousands of orders for its all-electric Stag UTV off-road buggy.
The company began taking pre-production orders on June 27 and has since received orders that would generate more than $70 million in post-delivery revenue. The stock remains 86% lower year-to-date and has a current market capitalization of $37 million, which would imply a multiple valuation of sales of 0.5x if the company were to theoretically realize this revenue on a year.
VLCN is hedged by an Ageis Capital analyst who has a “buy” recommendation and a target of $8.65, suggesting a 300% upside from the current share price.
United Maritime is a company that first listed on Nasdaq on July 6, after being spun off from Seanergy Maritime Holdings (US:SHIP). Since listing, the derivative’s share price has more than doubled before halving as investors struggle to value the company.
USEA shares ended the week down 20% after falling 70% on Thursday, before rising 175% on Friday. The stock may seem like a trader’s dream in today’s market.
Shares of oil and gas property developer Earthstone Energy ended the week down 3.6%, continuing to slow a major May/June rally that saw the stock rally to over $22 per share.
Earlier in the month, RBC Capital Markets downgraded the stock from “sector performance” to “outperformance”, with the call based on relative valuation, as ESTE has outperformed its peers since the start of the year.
ESTE has a consensus recommendation of “overweight” and a price target of $38, suggesting there is a 125% upside in the stock.
Top 10 most held titles this week on the Fintel platform:
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.
The list is here:
Article by Ben Ward, Fintel
Updated Jul 22, 2022, 4:10 p.m.
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