- Nearly 40,000 Robinhood accounts added shares of Tesla during a four-hour period on Monday, Bloomberg reported, citing data from Robintrack.net.
- The automaker’s stock went on a wild ride Monday, gaining as much as 16% at one point before falling and closing down 3%.
- Now, Tesla is the 10th most popular stock on Robinhood and is higher ranked than Amazon, according to Robintrack.
- Watch Tesla trade live on Markets Insider.
- Read more on Business Insider.
Robinhood traders keep betting on Tesla.
Nearly 40,000 Robinhood accounts added shares of the automaker during a four-hour period on Monday, Bloomberg reported, citing data from Robintrack.net. As of Tuesday, roughly 40,400 Robinhood accounts have added Tesla shares in the last 24 hours, Robintrack data show.
Now, Tesla is the 10th most popular stock on Robinhood and is higher ranked than Amazon, according to Robintrack. Currently, roughly 469,000 investors on the app hold shares of the automaker in some form.
The frenzied adding of Tesla came amid a volatile day of trading. Shares of Tesla jumped as much as 16% in intraday trading on Monday before reversing those gains, ending the day 3% lower in a rare day of losses for the stock.
Read more: BANK OF AMERICA: Buy these 7 pharma stocks now as they race to develop COVID-19 treatments and vaccines
Tesla shares have rallied in recent weeks on better-than-expected vehicle deliveries, a slew of analyst upgrades, optimism over its upcoming battery day, and anticipation of its quarterly earnings due July 22.
If the company reports its fourth quarterly profit in a row, it will have reached a key milestone to be considered for inclusion in the popular S&P 500 index.
Tesla has gained roughly 258% year-to-date.
Read more: Big investors say tech stocks are in demand like never before – and Bank of America is recommending these 3 trades for the best protection against a collapse
Read more: An award-winning PIMCO fund manager who’s crushed 99% of his peers for years told us the 2 trades he’s making to stay ahead – and shared his key to credit investing today