KXLY
January 9, 2021 3:17 AM newsfeedback@fool.com (Christy Bieber)
Posted:
Updated:
January 10, 2021 9:19 AM
Robinhood rocketed to popularity among young investors in 2020 amid unprecedented market volatility, and it’s no surprise that there has been a lot of attention paid to what the trading platform’s users are investing in.
Traders using Robinhood tend to be more active than most, and while the app’s users have made plenty of good buys, some of what they’re purchasing are undoubtedly questionable investments. And one particular type of investment popular among Robinhood investors could potentially fit into either of these categories, depending on the specifics.
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Year of the meme stock: Hertz, Kodak, Nikola top list of 2020 highlights
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Year of the meme stock: Hertz, Kodak, Nikola top list of 2020 highlightsBy Cristin Flanagan, Esha Dey and Jennifer Bissell-Linsk, Bloomberg
Last Updated: Dec 27, 2020, 11:47 PM IST
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Synopsis
The wild swings reflected bets by individuals, many of them new to the market, who looked to brokerage apps like Robinhood Markets to pass the time during the pandemic, especially after cashing stimulus checks.
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Once called “more of a business plan than business” by a Wall Street analyst, electric-truck startup Nikola Corp. is emblematic of the speculative trading that sent EV stocks surging this year.