Robinhood’s most popular stocks this week – Apple, Microsoft, Kodak
Shares in tech giants Apple, Amazon and Microsoft surged in popularity while COVID-19 cure stocks lost ground.
US share trading app Robinhood is wildly popular among next-gen traders thanks to its zero brokerage offering and social media-styled platform.
Its reputation is so big that millennial traders are often referred to as "Robinhood investors" here, despite the app not actually being available to Australian users. (You can check out similar apps for Australians here.)
Because Robinhood makes its data free to the public, third-party sites like Robintrack.net can compile lists of the most bought and sold stocks over different time frames and compare them with share price movements.
Below are the 10 most popular stocks by Robinhood users over the last 7 days in terms of the biggest lift in stock ownership and stock sales from the week before.
Apple this week's top stock
The most bought stocks show us which companies traders think will see stock price gains in the near future. If enough investors remain bullish, its share price will continue to rise.
Most bought stocks
|8||BAC||Bank of America|
|9||MARA||Marathon Patent Group|
Apple took the top spot on Robinhood this week, with the number of stocks purchased rising by 17% from the week before. During the same period, its share price rose by a similar figure, jumping 19%.
The jump in numbers follows Apple's stellar profit results plus the announcement of an upcoming stock split next month that will see one Apple stock split into four, reducing the cost of a single stock.
The number of stock purchases in Microsoft in the last week rose by 12% as its share price rose 7.3%. Amazon buy orders rose by only 3%. However, because Amazon shareholders are so numerous, the small percentage change was enough to land it at number 7.
Kodak tops the most sold list
The most sold stocks aren't necessarily the least popular, but they do indicate which companies traders think will see share price falls in the near future. Traders are either profit-taking at what they see is a high price or trying to limit losses if the price has already fallen.
Most sold stocks
The most sold stock in the last week was US camera maker turned pharmaceutical company Eastman Kodak Company (KODK). Kodak stock holdings fell by over 23% in the last 7 days, as its stock price fell an astonishing 61%.
After keeping mostly under the radar for the last few years, the company had its own "Kodak moment" last month after Donald Trump announced a $765 million loan for the company to produce coronavirus-related pharmaceutical materials. The news subsequently sent its stock price surging 880% in a matter of days – only to drop following reports of a securities commission (SEC) probe into the company.
Stocks promising to deliver COVID-19 cures and treatments have been notoriously volatile since the outbreak began. Other top sold COVID-19 stocks this week included pharmaceutical company Pfizer and diagnostics company Precipio.
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