eToro’s latest quarterly (Q2) stock holdings report reveals minimal change among the platform’s top 10 most held stocks in Q2 2025, with the only shuffle being Alphabet overtaking Nio to claim the sixth spot. Nvidia, Tesla, and Amazon continue to dominate the top three positions, maintaining their popularity with retail investors since the end of 2024.

eToro’s Q2 Trends: Stability at the Top, Bold Moves Below

While the leaderboard remained relatively stable, eToro also spotlighted the stocks that saw the most dramatic proportional shifts in holder numbers over the quarter. At the top of the ‘top risers’ list is UnitedHealth, which experienced a staggering 148% increase in holders. The jump follows a turbulent quarter for the health insurance giant, which saw its stock price plummet 42%. Investors seized the opportunity to “buy the dip” amid headlines of executive shakeups, reduced 2025 profit outlooks, legal challenges over Medicare fraud, and a controversial acquisition attempt.

Second on the list is Lululemon, with a 43% rise in retail holders. Its shares dropped 19% in Q2 and 37% year-to-date. Concerns over U.S. tariffs on Asian imports and a softened domestic consumer market prompted the athleisure brand to cut its full-year earnings forecast in June, triggering a wave of investor interest as valuations fell.

Lale Akoner, Global Market Analyst at eToro, commented:

“April 2025 may be remembered as one of the biggest ‘sales’ in stock market history. Despite market volatility triggered by tariff shocks, retail investors stayed resilient, spotting long-term value in companies like UnitedHealth and Lululemon.”

Meanwhile, profit-taking was evident in the ‘top fallers’ category, which featured TransMedics, Itaú Unibanco, and Zscaler, firms that delivered strong Q2 performances.

Retail investors on eToro continue to demonstrate a strategic approach—balancing top-tier stability with opportunistic buys during downturns.

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