This Top-Performing Stock Is No Longer in Robinhood's Top 100
This has been one of the wildest years on record for the stock market. Investors experienced about a decade's worth of volatility between late February and late August, with the benchmark S&P 500 losing over a third of its value, then quickly recouping all of its losses to hit a new high. All the while, millennial investors have loved every minute of it.
Online investing-app Robinhood has been particularly adept at attracting these millennial and novice investors. The app, which is known for gifting free shares of stock to new members and offering commission-free trades, added millions of new users in 2020, yet has an average age across its user base of only 31.
While it's great to see young investors putting their money to work in the greatest wealth creator on the planet, it's also a bit unnerving to see how they've chosen to invest their capital. Robinhood's leaderboard (a ranking of the 100 most-held stocks on the platform) is filled with a number of penny stocks and highly speculative companies.
Source Fool.com
