- Tech-savvy millennials are very active stock market participants
- At times, they tend to double the trading volume of older generations
- Using InvestingPro, let's take a look at some of the stocks that intrigue this generation
- Tesla (NASDAQ:TSLA)
- Apple (NASDAQ:AAPL)
- Amazon (NASDAQ:AMZN)
- Microsoft Corporation (NASDAQ:MSFT)
- Meta Platforms (NASDAQ:META)
- Nvidia (NASDAQ:NVDA)
- Alphabet (NASDAQ:GOOGL)
When it comes to investing, investors' age often plays a significant role in shaping their investment style and philosophy.
Generally, as individuals grow older, it is common for them to adopt a more conservative approach to investing. Conversely, as younger investors enter the market, their risk aversion decreases.
A report by Apex Fintech Solutions has given insight into what millennials have been up to in the stock market lately.
This report analyzed a vast dataset of nearly 7 million broker accounts. We will leverage InvestingPro to analyze some of the stocks mentioned in the report.
You can do the same analysis for every topic of the market just by signing up at the following link: Start your free trial today!
Millennials Love Trading
This tech-savvy generation is fond of trading and investing, and that's no secret.
Millennials often trade stocks more actively than other generations, both young and experienced investors, during certain periods. Interestingly, their trading volume can sometimes be twice that of Generation X.
Millennials are enthusiastic about buying stocks of popular companies such as:
Interestingly, Tesla is the top choice among young investors, with the highest number of purchases.
Other stocks include Mullen Automotive (NASDAQ:MULN), Moderna (NASDAQ:MRNA), and Enphase Energy Inc (NASDAQ:ENPH).
In 2023, Marathon Digital Holdings emerged as the top performer among millennials' favorite stocks, surging +190%, closely followed by Nvidia.
Additionally, when delving into less conventional stock choices, millennials favored the following purchases:
1. DraftKings
DraftKings (NASDAQ:DKNG), a Boston-based sports betting company, will report earnings on August 4 and is expected to do better than last time.
Source: InvestingPro
The previous earnings release was quite interesting.
Source: InvestingPro
In the company's news section on InvestingPro, DraftKings has 19 buy, 11 hold, and 2 sell ratings. Jefferies has given it a potential target price of $35.
Source: InvestingPro
However, InvestingPro models place the target price a bit lower, at almost $30.
Source: InvestingPro
Here we can see the comparison with the S&P 500:
Source: InvestingPro
Its shares are up +115% so far this year. A pullback to $22.77 would surely be a buying opportunity.
2. Royal Caribbean Cruises
Royal Caribbean Cruises (NYSE:RCL), a Miami-based cruise company, is the second largest cruise operator in the world, after Carnival.
In 1997, Royal Caribbean Cruise Line and Celebrity Cruises merged to form this company.
It will report its quarterly results on August 3, and the market expects them to be positive.
Source: InvestingPro
Here you can see the market forecasts for this year and next year:
Source: InvestingPro
The InvestingPro news section includes the market's set targets for this stock. In addition, it has 15 buy calls, 7 hold, and 0 sell.
Source: InvestingPro
Its financial health has been optimal over the past 12 months.
Source: InvestingPro
The stock has bullish momentum and is trying to break out of the ascending channel. But, a strong resistance lies ahead.
This resistance has proven challenging, with three unsuccessful attempts to breach it, and is currently at $98.
3. Palantir Technologies
Palantir Technologies (NYSE:PLTR) specializes in big data analytics. It was founded in 2004, and its original clients were federal agencies. It then offered its services to private companies in the financial industries.
It will report earnings on August 9. The previous earnings were good as the earnings per share exceeded market forecasts by 25%.
Source: InvestingPro
You can view the projected results forecast for 2023 and 2024 here.
Source: InvestingPro
InvestingPro models have not projected a promising potential for the millennial-favorite stock, with a price target of approximately $11.70.
Source: InvestingPro
So far this year, the stock has rallied +127%. It recently started to overcome its resistance level, but it needs to complete the consolidation of the breakout.
To do so, it must stay above $14.19. It is expected to continue consolidating as long as it remains above this price.
InvestingPro tools assist savvy investors in analyzing stocks. By combining Wall Street analyst insights with comprehensive valuation models, investors can make informed decisions while maximizing their returns.
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Disclaimer: This article is written for informational purposes only; it does not constitute a solicitation, offer, advice, counseling, or investment recommendation. As such, it is not intended to incentivize the purchase of assets in any way. I want to remind you that any asset is highly risky and evaluated from multiple points of view; therefore, any investment decision and the associated risk remain with the investor.