Which stock is most popular among millennial investors? It’s not Tesla, report says

Where are millennials investing their money? Exactly where you’d expect, a report says.

Apex Clearing — a wealth management site — released its list of the most popular stocks among millennial investors. The company analyzed more than 734,000 Q4 portfolios belonging to U.S. investors with an average age of 31, the report says.

The average size of analyzed accounts was roughly $2,300.

So who took the top spot?

Apple, according to Apex, with the company representing 13.5 percent of holdings.

Amazon was a close second with 11.2 percent, followed by Tesla at 5.8 percent to round out the top three, the report says.

Netlix and Facebook, whose products are both frequented by millennials, only accounted for 2.6 percent and 4.3 percent of holdings, the report says.

Millennials are typically considered to be people born between 1981 and 1996, according to Pew Research. They were expected to become the largest living generation in 2019.

“It’s been exciting to see how millennials’ investing habits have shifted over the past year,” CEO Bill Capuzzi said in a release, according to Market Watch. “From responding to key market moves, showing a keen interest in recent IPOs, and investing based on their values, millennials have proved to be a unique audience differing from their generational counterparts.”

Here’s a breakdown of the top 10:

1. Apple - 13.5%
   
   
2. Amazon - 11.2%
   
   
3. Tesla - 5.8%
   
   
4. Facebook - 4.3%
   
   
5. Microsoft - 3.7%
   
   
6. Berkshire Hathaway - 3.1%
   
   
7. The Walt Disney Co. - 3%
   
   
8. Netflix - 2.6%
9. Advanced Micro Devices - 2.6%
   
   
10. Alibaba Group - 2.5%
    
    

Popular brands such as Alphabet (Google) and Starbucks took the Nos. 12 and 22 spots, respectively, the report says, with Uber ranked No. 28 and Walmart ranked No. 33.

This story was originally published January 28, 2020 at 4:10 PM.