The recent Gamestop fiasco has led to a surge in young investors looking to become involved in the stock market. They want to invest their money in the companies they believe are the future.
Although Tesla (TSLA) share prices have been relatively stable in 2021, its nearly 1,100% run up in the last two years (770% in 2020 alone) has helped position it to be amongst the top stock choices for millennial and Gen Z investors.
A new study by DailyFX analyzed the US stock market to see which companies young investors are putting their money in, with the results showing a diverse range of companies from technology to retail stocks.
Surprisingly, Nikola (NKLA) made the top 50 coming in at #29.
When looking at the results by state across the US, Tesla was most popular choice in several states – Maine, New York, Nevada, and Alaska among them.
Tesla’s home state of California didn’t make the list, with young investors there most interested in Moderna.
But perhaps most surprising was that TSLA isn’t the most sought after investment among millennial and Gen Z investors. That award goes to Chinese EV maker Nio, which registered as the top stock choice in a total of 8 states -Georgia, Montana, Oregon, Pennsylvania, Texas, Utah, Vermont, and Virginia.
The results are significant considering not a single Nio car has been sold in the US.
Millennial and Gen Z investors who have backed Tesla (TSLA) in 2021 have not enjoyed the results seen in previous years. To date share prices have dipped nearly 11% in 2021, currently trading at around $650 per share at the time of publication.
You can read the results of the full study here.