HAL - What's Hot and What's Not on the Robinhood Top 100 Since Biden's Election Win
November was an eventful month, in which election results and vaccine news sent the markets into a frenzy. And a lot has changed on the Robinhood Top 100 list during that time. The Top 100 is a great place to check to see what's hot with young retail investors. The trading platform has surged in popularity this year, drawing in many first-time investors. In May, Robinhood announced that over a five-month period, the business had added 3 million new investment accounts to the outstanding 10 million accounts it had at the end of 2019.
Joe Biden winning the election was one of the more notable developments to take place during the month and affect the list, but there were also four states that successfully passed ballot measures to legalize recreational marijuana. Pfizer , Moderna , and AstraZeneca also released positive data relating to their coronavirus vaccines, touting that they were incredibly effective at preventing COVID-19 infection.
Amid these changing trends and a more favorable outlook for the economy, Robinhood investors have been more bullish on cannabis and on companies that will do well in an economic recovery. Both HEXO (NYSE: HEXO) and AMC Entertainment (NYSE: AMC) are now in the Top 100, and they weren't there at the start of November. Meanwhile, Robinhood investors have since dumped Eastman Kodak (NYSE: KODK) and Halliburton (NYSE: HAL) along the way. Here's a closer look at why these stocks shifted positions since the election.
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What's Hot and What's Not on the Robinhood Top 100 Since Biden's Election Win