Robinhood Traders remain ‘bullish’ on Tesla

Jan 11, 2023 thejournalbiz

Robinhood traders in good and bad days are sticking with Tesla all the way!

Tesla shares have taken the top spot in the Robinhood Investor Index for at least five consecutive months, according to data from the brokerage through the end of December.

Tweet on Robinhood traders sticking with tesla

Tesla shares have taken the top spot in the Robinhood Investor Index for at least five consecutive months, according to data from the brokerage through the end of December.
Despite the fact that @tesla was one of the worst tech stock performing company during 2022!#Tesla #Stock pic.twitter.com/1FKjV7nacb

— The_Journalbiz (@the_journalbiz) January 11, 2023

FactSet chart on tech stock ’22 performance

The index tracks users’ most popular positions, based on how much conviction they appear to have in the position. Robinhood calculates conviction based on the percentage of each investment in customers’ portfolios.

“It still remains at the top,” said Stephanie Guild, head of investment strategy at Robinhood Financial. “Our customers are using last year as a way to add to positions that they still believe in for the long-term.”

Tesla shares just recorded their worst year on record and are down around 70% since their highs, leading to one of the most dramatic plunges in market value for a U.S. company in history. Buying the dip in the stock has been painful at times, leaving individuals who have waded in with big losses.

*On Wednesday morning, Tesla’s stock was up around 2%.