The free online stock trading platform Robinhood has altered the investing landscape since its app launched in 2015. With a mission of democratizing investing and making it more accessible, the company has brought a lot of new investors to the markets with 13 million users by the end of 2020 and another 6 million added in 2021 already.
The typical Robinhood investor tends to be younger and less affluent with the average account size coming in around $3,500. Compare that to an average account size around $100,000 for E*Trade users and $110,000 for users of TD Ameritrade (which is now owned by Charles Schwab ).
If you look at the top 100 most widely held stocks on Robinhood, there is a healthy mix of iconic brands, meme stocks, disruptors, and recent IPOs -- and the majority are tech-oriented. Surprisingly, one stock that checks off a lot of these descriptors but isn't on the list is Root (NASDAQ: ROOT) . Here are three reasons why Root is a stock Robinhood investors would love.
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3 Reasons Why Robinhood Investors Will Love This Stock