With the stock markets taking a beating, it might be helpful to examine the EV stocks that younger traders rallied toward during the pandemic. According to a new Apex Clearing report, younger traders were predominantly buying electric car stocks, SPAC, and firms that benefited from the pandemic in the third quarter of 2021.
This group of traders moved quickly into the electric car market. Tesla Motors is one such example, having surpassed Apple as the most popular stock among millennials. NIO, a Chinese EV stock, rose 34 ranks on the list of the top 100 investment recommendations for millennials. Workhorse manufacturers of electric commercial vehicles rose from 28 places to 28th.
Millennials also joined the purchasing frenzy around special purpose acquisition firms or SPACs. SHLL, previously known as Tortoise Acquisition Corp, rose from unranked to number 34 on the list of the top 100 stock photos for millennials. Spartan Acquisition, a SPAC business, made the list as it seeks to take electric vehicle maker Fisker public.
The outlier in that sector was Nicola Motors, which is still on the list but has declined dramatically, with a quarter dropping 40 ranks to number 89. According to analysts, this was attributed to downgrades as well as changes in executive leadership. I could go into depth regarding Nikola Motors' alleged fraud, but it will have to wait for another time.
Stocks that profited from the epidemic saw fevered interest from younger buyers such as Peloton, which rose 41 spots, and DocuSign, which went from not being on the list to breaking into the top 50. Also, TeleDoc jumped 36 places up the chart.
Johnson & Johnson, Pfizer, and Moderna are all on the Millennium 100 list as you can imagine since they have all played a pivotal role in the global strategy to end the COVID19 pandemic.
Furthermore, as we gradually reintroduced sports to society, Pen Gaming jumped 34 places in popularity. Major technology stocks, on the other hand, continued to reign supreme throughout all generations. The study, which examined over 1.3 million investment stocks, discovered significant support for Apple, Amazon, Tesla, and Microsoft, all of which were in the top five in each category.
Chip companies, as well as NVIDIA and AMD, rose numerous ranks in the stock holdings of Gen Z, millennials, and boomers. Snowflake, on the other hand, was not addressed and I believe it is worth mentioning because unless you have been living under a rock for the previous few years, you would have heard about Snowflake. I personally hopped on the Snowflake bandwagon and saw tremendous growth in my portfolio. However, all that was before the downturn and those gains have since been wiped out. Let's hope thing improve soon.