Individuals usually gravitate towards popular stocks that are mentioned online. Facebook, Apple, Amazon, and Tesla are companies that come to mind. However, many people do not realize that these companies usually have competitors in the same field that are also making awesome gains. Let’s take the example of one company favoured by Millennials.
One often-discussed company in the S&P 500 stock is Tesla (TSLA), however, the millennial generation is also making money on five other, popular stocks within the same.
Here Are 5 Most Popular Stocks Among Millennials that aren’t Tesla
Stocks like Industrials Plug Power (PLUG), FuelCell Energy (FCEL), consumer discretionary NIO (NIO) outperformed Tesla in the last year according to an analysis done at custody and stock clearing firm Apex Clearing. That’s pretty big considering Tesla shares are up over 640% in the last year, beating every other popular stocks in the S&P 500.
Only two stocks in the S&P 500 are up more than 500%, and those are Tesla and Enphase Energy (ENPH). Enphase is the 93rd most popular holding amongst millennials. Millennial investors have been making big gains in the stock market, as account balances in the fourth quarter grew by 24% among this age group (more than any other age group). Tesla makes up more than 20% of holdings for the age group and has been a big win for them. However, it’s actually not their best.
Nio, a Chinese maker of electric vehicles, is the fourth largest stock in millennials’ portfolios. Nio’s shares have gone up by almost 1200% in the last year, which is about double Tesla’s gain in the same amount of time. Nio’s revenue doubled in 2020 to nearly $16 billion. And is expected to increase tremendously this year as well.
Millennials are also investing heavily in green energy, in companies such as Plug Power and Fuel Cell Energy. Plug Power is a company that makes electric mobility power stations and is currently the 43rd most popular stock among millennials. Plug Power’s competitor, Fuel Cell, is the 66th most popular stock.
Shares of Plug Power are up by roughly 1500% in the past year, and shares of Fuel Cell are up by roughly 700%. Fuel Cell’s stock is expected to rise by more than 25% this year as well.
Judging by how Tesla and Nio have worked out for millennials, other generations should follow their lead in investing. However, as we always indicate with all stock investing that you should first perform your own due diligence before making any investment decisions.