Robinhood Has a New Most-Held Stock (and It's Not Apple or Tesla)
Most investors aren't big fans of heightened periods of volatility. But that's not the case for millennial and novice investors, as evidenced by online investing app Robinhood.
Last year, Robinhood picked up about 3 million new users. That's notable given the average age of its users is only 31. Robinhood's commission-free trades, fractional share investing, and gifting of free shares of stock to new members, have all worked effectively to lure in young investors.
While it's fantastic to see young people putting their money to work in the world's greatest wealth creator, many Robinhood users fail to understand the importance of long-term investing. As a result, the platform's leaderboard (the 100 most-held stocks) is primarily filled with penny stocks and less-than-desirable momentum plays.
Source Fool.com
