Investment platform eToro shows that Chinese automotive manufacturer Nio Inc replaced competitor Tesla as the most invested stock by Australian investors for October.
eToro market analyst Josh Gilbert said those who put money into the Chinese electric vehicle manufacturer saw a 40 per cent increase in profits.
“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,” Mr Gilbert said.
US-based cloud computing services provider Fastly Inc saw a 551 per cent increase in trading from September.
“Since listing, 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,” Mr Gilbert said.
Palantir increased in popularity among Australian investors, as a result of its IPO which occurred at the end of September.
“Palantir managed to squeeze its way into the top 10 stocks for October, after going public at the end of September,” Mr Gilbert said.
“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,” he continued.
The top 10 stocks bought by Australian investors on eToro for October were Nio Inc, Tesla, Apple, Amazon, Fastly Inc, Advanced Micro Devices, Microsoft, Palantir Technologies and Nvidia.
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