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Gen Z investors are coming of age and choosing their favorite stocks.
The generation's top-picked stocks in the third quarter may not surprise you: Tesla, Apple and Amazon, according to a new report from financial technology company Apex Fintech Solutions, which powers popular investing platforms like Betterment and eToro. But some other stocks, like Shopify, are growing in popularity among younger investors.
The changes in Gen Z's investing preferences overall — like a slight move away from some once-hot tech stocks like Square and Roblox towards new favorites — come as many members of the generation navigate their first bear market. The S&P 500 has lost more than 20% since the beginning of the year, and volatility is extremely high.
The report uses data from roughly 1.4 million accounts held by investors age 25 and under to determine Gen Z's top 100 favorite stocks.
Gen Z's new favorite stocks
Sports betting company DraftKings moved up 16 spots to number 39 on the list between the second and third quarters of the year. The stock price climbed 28% between the beginning of July and the end of September.
Online commerce giant Shopify, which didn’t even make the list in the second quarter, ranked at number 50 for Gen Z in the third quarter — the biggest jump of any stock in Apex's top 100 list. Cryptocurrency trading platform Coinbase jumped 17 spots to rank 54th despite massive losses in the crypto market this year.
Movie chain AMC, a stock that exploded in popularity during the meme stock frenzy last year, dropped down two places on the list but remained in the top five most popular stocks for Gen Z investors.
GameStock, the original meme stock, dropped six places to number 14 in the third quarter.
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