On Friday, we took a look at the stocks that traders on the Robinhood brokerage platform bought the most of in the last week.
Today, we’re taking a look at the sell list so far in August.
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.
First, these are the 25 biggest sells on Robinhood this month:
In keeping with the pattern we’ve seen in recent weeks, the monthly sells heatmap shows that most of the selling in widely-held names was modest.
But there were some deep red pockets of concentrated selling in a handful of names.
Microcap tanker stock Top Ships Inc. (TOPS) - Get TOP Ships Inc. Report is the most-sold name on the platform heading into the second half of the month – it’s a popular name for daytraders because of consistently high volatility, but owners on the Robinhood platform unwound about 27% of their stakes in August.
Other big sells include Kodak (KODK) - Get Eastman Kodak Company Report, which saw 11% of holders dump shares, Macy’s (M) - Get Macy's Inc Report, which saw a 6.5% decline in onwers on robinhood, and MGM Resorts International (MGM) - Get MGM Resorts International Report, which saw a 6.4% drop in holders on Robinhood this month.
Looking at industry bets, airlines were another big shift in sentiment on Robinhood in August, as traders betting on a turnaround unloaded names like Spirit Airlines (SAVE) - Get Spirit Airlines, Inc. Report, American Airlines (AAL) - Get American Airlines Group, Inc. Report, Boeing (BA) - Get Boeing Company Report, United Airlines (UAL) - Get United Airlines Holdings, Inc. Report, JetBlue (JBLU) - Get JetBlue Airways Corporation Report, and Delta Air Lines (DAL) - Get Delta Air Lines, Inc. Report, in that order.
On average, airlines and aviation stocks made up about a quarter of the top 25, and worked out to 3% position decreases.
Footnote: As of late last week, it looks like Robinhood has made good on their promise to discontinue user position data in their API. While we still have plenty of data to slice and dice for weeks and months to come, it’s been fun to have a real-time window into what traders on the platform were doing, and it’ll be missed. Stay tuned.