Tesla was the most traded stock among Fidelity's online brokerage customers on Monday, with buy and sell orders almost evenly split, suggesting retail investors are cautious about the company. During that time, Wall Street has also seen a broad rebound in megacap growth stocks following losses earlier this year, as well as volatility related to rising interest rates and Russia's invasion of Ukraine. That compares to a 7% gain in the Nasdaq during the same period. Tesla's stock surged 8% on Monday, adding over $100 billion to its stock market value.Īmazon has gained about 20% since March 9, when the ecommerce heavyweight announced a stock split that will take effect on June 6. Still, BofA Global Research said in recent research note that stock splits "historically are bullish" for companies that enact them, with their shares marking an average returns of 25% one year later versus 9% for the market overall.
However, splitting a stock does not affect its underlying fundamentals. Companies split their shares to make their stock prices appear less expensive and appeal to more investors.
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