Top October stock market investments on eToro platform

By Jonathan Jackson. Published at Nov 9, 2020, in Features

Global multi-asset investment platform eToro, which has just launched an insurance scheme that will provide its clients up to AU$1million of protection in the case of insolvency free of charge, has revealed Australian retail investors piled predominantly into high growth industries such as electric vehicle stocks, cloud computing and recent Q3 IPOs in October.

Josh Gilbert, market analyst at eToro, commented on four of the top movers:

Nio Inc. (NYSE: NIO)

Nio replaced Tesla as the most popular electric vehicle stock for Australian investors in October, with its shares skyrocketing over 40 per cent. The Chinese automotive manufacturer has had significant growth in 2020, with an increase of over 722 per cent from January 1st to October 30th. JPMorgan analysts upgraded the price target for the stock to $40 in the middle of October, which was close to double the price at the time of upgrade.

The company's sales are also soaring, with its Q3 vehicle deliveries increased by 154 per cent from the same period last year. And this isn’t expected to stop any time soon, with recent guidance demonstrating that Nio Inc. is looking to continuously expand its production capacity after a recent increase of 11 per cent.

Tesla (NASDAQ: TSLA)

Tesla saw an enormous drop off in trading activity in October, as the world's most valuable automakers growth began to stall. Tesla’s share price fell more than 13 per cent in October and trading activity was down by 58 per cent. This comes after a very positive earnings report, where Tesla saw its fifth straight quarter in profit, as well as exceeded expectations on revenue and EPS. The company delivered 139,300 vehicles in the third quarter of this year, which was a record number for the electric vehicle giant. Although trading activity slumped, it's still clear that many investors are bullish on the stock, as it remained second on the list.

Fastly Inc. (NYSE: FSLY)

Fastly is a US-based cloud computing services provider, which came to market with an IPO last year. Since then, the shares for the company have climbed by almost 210 per cent. However, in October the stock finished down more than 35 per cent after initially surging 31 per cent at the start of the month. The drop in price is likely to be the reason as to why there has been such an impressive increase in trading activity, up 551 per cent from September. The fall in share price can be attributed to an uninspiring earnings report, as it missed expectations on revenues and EPS.

Palantir (NYSE: PLTR)

Palantir managed to squeeze its way into the top 10 stocks for October, after going public at the end of September. The software company that specialises in big data analytics was seen as attractive to investors thanks to its $9 share price and a good valuation, trading at just 14 times its projected revenue. With its share price rising more than 13 per cent in October, investors are clearly seeing Palantir as a long term player, especially with a recent price upgrade from Morgan Stanley analysts to $13 a share.


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