Robinhood Traders are Buying These Biotech and Tech Stocks Heading into the Weekend
Jonas Elmerraji, CMT
It’s time to take another look at the stocks retail investors love heading into this weekend.
(For last week’s rundown, click here.)
Once again, we’re turning to the data from millennial-focused retail brokerage firm Robinhood.
Even though aggregated Robinhood assets are relatively small, they have market moving potential– particularly in an environment where passive investing makes up 45% of all U.S. fund assets, and given Robinhood traders’ focus on smaller names.
So, what are Robinhood traders buying and selling as we head into the weekend? Here’s a look.
First, these are the 25 biggest relative buys on Robinhood this week:
The stocks in the heatmap above are the ones that saw the biggest increase in new positions relative to where they started the week. Bigger blocks mean that stocks are held by more Robinhood users.
Some of the big winners this week were biotech and tech stocks:
Novavax (NVAX) -Get Report saw a 12% jump in positions. Sorrento Therapeutics (SRNE) -Get Report positions rose 11%. Bigger names Johnson & Johnson (JNJ.) - and Eli Lilly (LLY) -Get Report saw the number of Robinhood users who owned shares jump 9.7% and 9.2% respectively.
Here’s the full list of this week’s top 25 buys, ranked by number of new positions: