Meme-stocks AMC and GameStop round out the top 10 companies held by Robinhood users
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Matthew Fox
Sep 20, 2022, 22:49 IST
A pop-up kiosk for Robinhood along Wall Street after the company went public in New York City.Spencer Platt/Getty Images
AMC Entertainment and GameStop made the top 10 list of stocks most commonly held by Robinhood users.
The zero-commission brokerage unveiled its investor index last week, which tracks a portfolio of the 100 most popular stocks held by Robinhood users.
These are the top 10 stocks most commonly held by Robinhood's investor base, according to the index.
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Robinhood's near 23 million user base is considered smart money by some, so it makes sense to track what stocks the retail group is buying.
That data is now available after Robinhood unveiled its Robinhood Investor Index, a portfolio meant to track the 100 most popular holdings on its platform.
The index takes an aggregate proportional weight of its users portfolios and ranks the stocks that have the most conviction among its user base. The proportional weighting means a Robinhood user's $1 million portfolio has the same influence as another users $1,000 portfolio.
According to Robinhood, from the start of 2020 through July, the index has just barely outperformed the Nasdaq 100, with much more volatility thanks to some of its top holdings in smaller-cap stocks.
While the top 10 stocks mostly mirror the top names held by major market indices like the S&P 500, there are some notable exceptions.
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"Contrary to what might have been heard in the news, our customers are similar to the OGs of investing. That is, they invest in what they know, understand and believe in for the long-term," Robinhood said.
From meme-stocks to electric vehicles, these are the top 10 stocks held by Robinhood's userbase as of September 1.
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