Top 10 Stocks That Millennial Investors Bought On Robinhood App As Market Crashed
- Trade Forum
- Apr 22, 2020
- 2 min read
(Investors.com) Millennial investors turned tactical during the coronavirus selloff in March, piling into both stocks on a tear, such as Tesla(TSLA), and stocks melting down, such asGeneral Electric(GE).
Robinhood, which is popular among millennial investors, sawbuying action in vaccine makers like Inovialast month as the coronavirus outbreak worsened into a pandemic, Co-CEO Vlad Tenev told Jim Cramer's The Street.
They also saw an opportunity in software stocks benefiting from work-at home trends, such as video conferencing.
According to data provided by Robinhood, these are the top 10 stocks that were bought on the investing app last month.
Millennial Investors Are Long On Stocks
Investors are adding more money to their Robinhood accounts and are buying and going long on stocks, Tenev said. Robinhood is seeing trading volumes up 300% from just a few months ago, he added.
The brokerage firm's investors also added stocks they feel are oversold to their portfolios. Besides GE, those stocks included Carnival, Disney, Aurora Cannabis and Ford.
The cruise and auto industries have been especially hard hit as the deadly virus forces people to stay at home by the millions. Carnival stock and Ford stock are at multiyear lows. Disney has been particularly punished by coronavirus shutdowns of movie theaters, theme parks, cruise lines and sporting venues.
Millennial investors may see a long-term opportunity in the beat-up stocks. They may also be among the first to get back on cruise ships and crossover vehicles when coronavirus headwinds ease.
Tenev also said Robinhood is investing heavily to fix outages during the coronavirus volatility. Those troubles added to a series of missteps for the zero-fee stock trading app.
This article was originally published on Investors.com
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