- Investors snapped up battered UnitedHealth and Lululemon shares in Q2 2025
- Investors held Him & Hers, Sanofi, and Novo Nordisk pending healthcare recovery
- Applied Digital and BigBear.ai saw increase in holders as investors look for the next AI winners
10 July 2025 – Retail investors bought up shares of UnitedHealth and Lululemon at lower prices in Q2, as well as healthcare stocks in anticipation of the sector recovering in line with the broader market, according to the latest data from trading and investing platform eToro.
eToro looked at which companies saw the biggest proportionate change in holders quarter-on-quarter (table 1), while also looking at the 10 most held stocks on the platform (table 2).
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.”
Retail investors hold onto healthcare, diversify tech and AI holdings
Alongside UnitedHealth, healthcare and biotech companies like Thermo Fisher Scientific (39%), Hims & Hers Health (32%), Sanofi (29%) and Novo Nordisk (21%) featured prominently in the top risers list. All had tumultuous second quarters. In particular, Hims & Hers’ share price tanked 32% after Novo Nordisk abruptly ended their Wegovy sales partnership, while Novo Nordisk has been struggling due to concerns about its weight loss drug pipeline.
As tariffs threatened US tech megacaps, retail investors looked for new AI winners. Applied Digital, the Nvidia-backed firm who recently secured a 15-year deal to lease data centre space to CoreWeave, saw a 42% rise in holders. Bigbear.ai, which provides AI solutions for government and defence, had a 39% jump in holders. Away from AI plays, Take Two Interactive’s holders rose (30%), as the delayed release of GTA 6 to 2026 drummed up more hype.
Lale Akoner added: “The healthcare industry has not yet rebounded like other sectors since global markets reached a bottom in April. In fact, based on the Health Care Select Sector SPDR Fund, US healthcare stocks are currently underperforming the S&P 500 by the largest margin in more than 24 years. This explains the numerous stocks related to healthcare and life sciences in the top risers list, as investors held onto them in the hopes of a broader sector recovery.
“Investors also diversified away from tech megacaps due to uncertainties around US trade policy. This led to other tech and AI plays like Applied Digital, the Nvidia-backed data centre provider who signed a 15-year deal with cloud computing firm CoreWeave in June, and Bigbear.ai, which has won government contracts for defence-related projects. Both businesses are domestically focused and less exposed to global trade tensions.”
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.
There was little change in the top 10 most held stocks on eToro in Q2, 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.
“Timing is everything in investing,” said Lale Akoner. “It’s reassuring to see that retail investors aren’t only opportunistically buying the dip, they’re also selling at the right time to realise their gains. With stocks like Oracle reaching a new all-time high recently, it makes sense that a significant proportion of investors closed their positions by the end of June.”
Table 1: Shows which stocks have seen the biggest proportional increase and decrease in holders on the eToro platform globally quarter on quarter
| Biggest risers among eToro’s users around the globe | Biggest fallers among eToro’s users around the globe | |||
| Rank | Company | Increase in holders QoQ | Company | Decrease in holders QoQ |
| 1 | UnitedHealth | 148% | TransMedics Group Inc | -55% |
| 2 | Lululemon Athletica Inc | 43% | Itaú Unibanco Holding | -26% |
| 3 | Applied Digital Corporation | 42% | Zscaler Inc | -18% |
| 4 | Thermo Fisher Scientific Inc | 39% | Millrose Properties Inc | -16% |
| 5 | Bigbear.Ai Holdings Inc | 39% | Celsius Holdings Inc. | -15% |
| 6 | Hims & Hers Health Inc | 32% | Vistra Corp | -14% |
| 7 | Take Two Interactive Software Inc | 30% | ThyssenKrupp AG | -13% |
| 8 | Sanofi | 29% | Semtech Corp. | -13% |
| 9 | BYD Co Ltd | 28% | Oracle Corporation | -13% |
| 10 | BYD Electronic International | 28% | STMicroelectronics Company | -13% |
Table 2: Shows stocks most widely held by eToro users globally and their position last quarter
| Company | Ranking at end of Q2 | Ranking at end of Q1 |
| NVIDIA Corporation | 1 | 1 |
| Tesla Motors, Inc. | 2 | 2 |
| Amazon.com Inc | 3 | 3 |
| Apple | 4 | 4 |
| Microsoft | 5 | 5 |
| Alphabet | 6 | 7 |
| Nio Inc. | 7 | 6 |
| Meta Platforms Inc | 8 | 8 |
| Alibaba | 9 | 9 |
| Advanced Micro Devices Inc | 10 | 10 |
* ENDS *
Notes to editors
Past performance is not an indication of future results.
The tables compare data from the eToro platform on the final day of Q2 2025 with the final day of Q1 2025. The data refers to funded accounts of eToro users globally.
The data in the first table shows the 10 stocks which have seen the biggest proportional increase and decrease in holders on the eToro platform quarter on quarter (Q2 vs Q1).
The data in the second table shows the top 10 most held stocks positions (open positions) by investors on the eToro platform at the end of the Q2 2025. As the vast majority of stocks traded on eToro are the real asset, this data does not include positions held as CFDs.
All data accurate as of after market close on Monday 30 June 2025. Stock price data taken from Bloomberg.
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