The Netflix of China has become the hottest stock for millennials
- Millennial investors are loving shares of iQiyi this past week.
- iQiyi, partly owned by Baidu, moved up 16 places in the top 100 of most owned stocks on the popular and free stock-trading app Robinhood, which targets millennial investors.
- Users added more positions to iQiyi than they did to any other top 100 Robinhood stock.
- Watch IQ trade in real time here.
The Netflix of China is is gaining some serious traction with millennial investors.
They are buying up iQiyi shares in droves, according data from Robinhood, a popular and free stock-trading app popular among millennials. IQ is an entertainment-streaming app partly owned by Baidu, China's version of Google.iQiyi stock saw 2,611 positions added by Robinhood users over the past week, enough to move the stock up by 16 places in the top 100 most owned. It's currently seventy-second most owned stock on Robinhood. Still, only 12,095 users own shares. By comparison, Apple is the most-widely held stock on Robinhood, with 142,868 users owning shares.
It's possible millennials are loving piling into iQiyi because of some bullish analyst notes out over the past week. Citic Securities, the investment-banking arm of Chinese bank Citic Group, and First Shanghai both upgraded shares to "buy" rating, with First Shanghai also raising its price target to $35 a share.
iQiyi shares are up 59% this year.