There was little change in the top 10 most held stocks on eToro in the second quarter of 2025, apart from Alphabet and Nio swapping places, now in 6th and 7th place respectively.

Nvidia, Tesla and Amazon have been the top three most held companies on eToro since the end of 2024, and there was minimal change in their respective holders quarter-on-quarter.

eToro also looked at which companies saw the biggest proportionate change in holders quarter-on-quarter.

Leading the ‘top risers’ list by a big margin is UnitedHealth with a 148% increase in holders compared to Q1. As its stock price plunged 42% in Q2, retail investors bought the dip. America’s largest health insurer has been mired in crises this year, including the resignation of its CEO, slashing its 2025 profit outlook, battles with the US justice department over Medicare fraud, and an attempted acquisition of a rival home health provider.

In second place on the ‘top risers’ list is Lululemon, which had a 43% quarter-on-quarter rise in holders. Lululemon’s share price was down 19% in Q2 and 37% since the start of the year. With a significant proportion of their products made in Asian countries, Lululemon risks being hit hard by US tariffs. Combined with a weaker US consumer, the athleisure brand cut its full-year earnings guidance in June, and a market selloff ensued.

Lale Akoner, Global Market Analyst at eToro, said:

“The last quarter was anything but quiet for markets. We kicked off with the ‘Liberation Day’ tariff announcement which sent global markets into a tailspin. Yet by the end of June, the S&P 500 and Nasdaq 100 had staged impressive recoveries and reached new all-time highs.

“Amidst this volatile backdrop, our latest top stocks data demonstrates the agility and resilience of retail investors. Rather than being put off by massive price drawdowns, they saw value in stocks like UnitedHealth and Lululemon. UnitedHealth is still the leading player in health insurance in the US, while Lululemon reflects investors’ faith that the demand for luxury goods can return. April 2025 will go down in history as one of the biggest ‘sales’ in the stock market ever, and those who had the conviction to buy and hold at that time are likely to be reaping rewards now.”

Looking at the ‘top fallers’ list, retail investors took profit from the likes of medtech company TransMedics, Brazilian bank Itaú Unibanco and cloud security firm Zscaler, who all made significant gains in Q2.