- Tesla is trading near its lowest price in months — and investors on the free-trading app Robinhood appear to be buying the dip.
- The strategy of loading up on shares during sell-offs has become extremely popular during the 9 1/2-year bull market.
- All eyes are on now on the company’s third-quarter earnings report later this month.
- Watch Tesla trade in real-time here.
Tesla shares have plunged more than 30% from their recent highs, but investors on Robinhood, a free-trading app popular among younger traders, seem to be betting on an earnings rally.
According to weekly data tracked by Business Insider, more than 111,000 Robinhood investors currently hold Tesla shares. That’s the highest number since Business Insider began tracking the data in March, up more than 16,000 from last week. It makes the electric-car maker the 13th most-popular stock on the app, behind Twitter and above Netflix.
The recent selling, which has wiped out more than $17 billion in market capitalization, comes as Tesla’s board of directors is tasked with finding a replacement for CEO Elon Musk as chairman following his $20 million settlement with the Securities and Exchange Commission over his now-infamous failed go-private bid.