Apple reclaims its crown as the most-popular stock among millennials
- Apple this week reclaimed its crown as the most-popular stock among millennial traders on the free-trading app Robinhood.
- Shares fell 10% in the wake of the company's third-quarter results.
- Robinhood investors have been snapping up shares as the stock sits at its lowest level in almost three months.
- Watch Apple trade live
Apple regained its position as the favorite stock among millennial traders after its quarterly results triggered a big sell-off.
The tech giant on November 1 reported underwhelming third-quarter iPhone sales and said it would no longer reveal unit sales for its hardware. Shares dropped as much as 10% in five days following the results, pushing Apple's market capitalization below $1 trillion.With Apple trading at its lowest level in almost three months, millennial investors are snapping up shares. According to data from Robinhood, a free-trading app popular with younger investors, Apple replaced Ford as the most-popular stock on the platform, with 199,221 investors currently holding the stock, up 14,013 from last week.
Also, Robinhood data compiled by Markets Insider show that Apple is consistently among millennials' favorite stocks, and outranked all the others in seven of the past nine weeks on the app. It last held the crown the week through October 18.
Wall Street analysts have also been bullish on the iPhone maker.
"We believe Apple intends to tell a compelling Services story," the Jefferies analyst Timothy O'Shea recently said in a note, adding that Apple would disclose Services gross margin for the first time - a potential catalyst for the stock. He has a price target of $265 - 27% above where shares were trading on Thursday.
And Wedbush analyst Daniel Ives said that Apple's decision not to report hardware sales was a 'Houdini-like metrics move,' but his core bullish thesis on Apple remains unchanged. Ives has a price target of $310.
Shares were up 21% this year.
Read more stories on Apple:
- Apple slides below $200 for the first time in 3 months
- 'Houdini-like metrics move': Here's what Wall Street is saying about Apple's decision not to reveal its iPhone sales
- Millennials are buying the Apple dip ahead of earnings
- Apple knocked its big iPad and Mac event out of the park