Millennials piled into these 9 stocks in 2018
- Cannabis stocks were among the most popular with millennials in 2018, according to data from Robinhood, a no-fee app popular among younger traders.
- Three cannabis stocks, Cronos, Canopy Growth, and Aurora Cannabis, were the most popular among Robinhood users this year.
- Tech giants such as Facebook and Apple remained popular despite company earnings indicating slower growth ahead.
Millennial investors were fascinated with weed and tech stocks in 2018, according to data gathered by Markets Insider from the no-free trading app Robinhood.
For the 4 million Robinhood traders, a large portion of which are millennials (22 to 37 years old), marijuana companies become their darlings this year. Three pot stocks, Cronos (+141,688, up 609%), Canopy Growth (+128,699, up 374%), and Aurora Cannabis (+88,889, up 1,057%) saw the biggest increases of ownership on the app. Markets Insider tracked data from March 22 through December 20.
Younger traders' enthusiasm for the cannabis companies came as the industry grew at a fast and furious pace. In the second half of the year, a number of beverage and tobacco companies, such as Constellation Brand and Altria, announced investments in cannabis producers, causing a "green rush" into the industry. Also fueling interest in the space were Canada and Michigan legalizing recreational use of the drug.
In July, Facebook's earnings disaster and subsequent stock landslide was interpreted as a good buying opportunity among millennials and attracted a total of 61,307 Robinhood investors (+53.19%) to add the stock in the week following the results.
In November, when Apple fell out of favor with Wall Street and tumbled into a bear market amid waning iPhone demand, millennials were buying the weakness, allowing Apple reclaim its crown as the most-popular stock on Robinhood, with more than 210,000 owners on the app.
Here were the nine stocks that millennial investors on Robinhood were buying the most in 2018, in ascending by the number of net additions:
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