Robinhood merchants continue to bet on Tesla.
Nearly 40,000 Robinhood accounts added shares of the automaker over a four-hour period on Monday, Bloomberg reported, citing data from Robintrack.net. As of Tuesday, approximately 40,400 Robinhood accounts have added Tesla stocks in the past 24 hours, Robintrack data shows.
Now Tesla is the 10th most popular action on Robinhood and is ranked higher than Amazon, according to Robintrack. Currently, approximately 469,000 investors in the app own the carmaker in some way.
Tesla’s frantic addition came amid a volatile day of trading. Tesla shares rose as much as 16% in intraday trading on Monday before reversing those gains, ending the day 3% lower on a rare day of losses for the stock.
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Tesla shares have rebounded in recent weeks in better-than-expected vehicle deliveries, a series of analyst updates, optimism about its next battery day, and anticipation of its quarterly earnings due July 22.
If the company reports its fourth consecutive quarterly profit, it will have reached a key milestone to be considered for inclusion in the popular S&P 500 index.
Tesla has gained approximately 258% so far this year.
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