The Robinhoood Update

by Geoff Garbacz | 03/13/2021 7:47 PM
The Robinhoood Update

A month and a half ago we noted that we are going to start tracking weekly the Robinhood 100 List which is a list of the top 100 holdings of Robinhood investors. Why? Well folks, Robinhood traders and investors now account for over 20% of the volume on the various exchanges - NYSE, NASDAQ and CBOE and they are pretty decent stock pickers despite what the media would have you believe.

The current Stimulus Plan will put more more in the accounts of the some 20 million Robinhood traders. As such, they will be active with their favorite stocks. As such, I expect this stocks to be very volatile as traders try to swing trade thus universe.

Robinhood traders want action and stocks that move. As such, they were partially responsible along with Redditt for causing one of the biggest short squeezes in recent memory as Gamestop (GME) rose from $18.84 on December 31st to a peak of $483 on January 28th. 

Currently, Gamestop is back up to $264.50. This action validates what I said when we decided to follow this list, "The one thing I have learned by tracking the Robinhood 100 list is that if you want to trade stocks that move then this list is for you".

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This week here are the additions and deletions to the list.  Notable on the sale side Robinhood investors gave up on Saleforce (CRM) and Rocket Mortgage (RKT).  Salesforce has been moving in and out of the list as you can see below. Rocket Mortgage had a huge run on March 2nd rising 71% that day. Then is fell back to earth and is exactly where it was before the 71% day. So it appears that traders have given up on the name.

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Meanwhile, on the buyside traders are chasing Roblox (RBLX) that came public recently. Traders also moved back into Xpeng (XPEV). Tomorrow I am going to look at a name I feel will be in the Robinhood 100 List sooner than later.


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