Robinhood Investors Bank on Tesla Stock

Tesla’s recent struggles have suppressed its stock, but users of an increasingly popular startup trading app see value in the car-hailing app’s stock.

According to Business Insider, users of the Robinhood stock investing app have been purchasing the stock in noticeably larger numbers after the stock drooped 17% since the early January announcement that it was laying off 7% of its staff. Robinhood’s primary user base consists of Millennial investors who do not pay commissions on their trades.

Apparently hoping the Tesla’s stock will inch back up, roughly 15,870 users of the Robinhood app added the stock to its portfolio in the past week, making it the most added stock of that week. Tesla has the 20th most popular app on Robinhood, with  approximate 97,400 users.

As of Thursday, Tesla stock closed at $298, down .86% from its previous close.

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