Younger traders as well as first time traders have been rushing into some new stocks in recent months spurred by the pandemic and economic uncertainty caused by the pandemic. According to a study out today from Apex Clearing, younger traders are overwhelmingly buying electrical vehicle stocks, SPAX and companies who saw their businesses benefit from the pandemic in the third quarter.
This group of traders made very aggressive moves into the electric vehicle space. One such example is Tesla Motors which has now dethroned Apple as the top stock among millennials. Chinese EV stock NIO moved 34 spots on the list of millennials’ top 100 stock picks. Workhorse maker of electric commercial vehicles also got a boost, up 28th spots.
Millennials also got in on the buying frenzy around special purpose Acquisition companies which are also knows as SPAX. SHLL also known as Tortoise Acquisition Corp went from being unranked to number 34 on the list of millennials top 100 stock pics. SPAX company Spartan Acquisition made the list as it looks to take electric car make a Fisker public. The outlier here in that space was Nicola motors which still make a list but I dropped significantly and a quarter moving down 40 spots to number 89. Analysts say that was due to downgrades as well as changes executive leadership. I can go to detail about Nikola Motors alleged fraud but I’ll leave that for another post.
Stocks that benefit from the current pandemic continues to make gains like Peloton which was up 41 spots, DocuSign went from not being on the list to cracking the top 50 And TeleDoc shot up 36 spots on the list.
Major vaccine manufacturers Johnson & Johnson, Pfizer and Moderna are all on the millennium 100 as list they approach or begin does phase 3 coronavirus vaccine trials.
Also as we slowly bring sports back to life in our country, Pen Gaming jumped 34 spots in popularity. Across generations though, all about big tech stocks still reign supreme. The report that analyzed more than 1.3 million investment stocks showed broad support for Apple, Amazon, Tesla as well as Microsoft, which were all in the top-five for every generation regardless of age.
Chip stocks and NVIDIA and AMD also jumped multiple spots across Gen Z, millennials and boomers’ stock holding. However one stock that wasn’t mentioned which I think is worth a mention is Snowflake because if you haven’t been living under a rock for the past few months, you would have heard about Snowflake on your social media feeds. I jumped in on the Snowflake train and have since see some gains. But you should always do your research before spending your hard end real money on funny money aka stocks.
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