Each month, TD Ameritrade Holding Corp. (NASDAQ: AMTD) reveals which stocks were among the most bought and sold by their clients via the Investor Movement Index, which tracks investor behavior by measuring holding and trading data from a sample of clients.
Because of TD Ameritrade's position as a leading retail brokerage, the reading provides some insights into the sentiments of retail investors on given names.
Unsurprisingly, retail investors flocked to some of the most headline-driven names in April. LYFT Inc (NASDAQ: LYFT) was a net buy after IPOing at the end of March and subsequently trading below its IPO price. TDA clients were also bullish on the self-driving theme last month, as both Tesla Motors Inc (NASDAQ: TSLA) and NIO Inc-ADR (NYSE: NIO) were net buys.
Big banks Bank of America Corp. (NYSE: BAC) and Citigroup (NYSE: C) were both net sold as well. Both companies reported mixed earnings in April, with EPS coming in ahead of analyst estimates and revenue coming in below.
This selling activity could be a sign of bearishness, or could merely indicate investors were taking profits.
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