Shares of Alphabet’s Google is a favorite among millennial investors.
Google is expected to report earnings after the bell on Thursday, and millennials are buying shares of Google 80% more often than they are selling ahead of its earnings, according to data from the no-fee stock trading app, Robinhood. This is a big surge of confidence for the company compared to the previous quarter, when only 20% of young investors using the app were buying more than they were selling.
Google’s move into hardware may be paying off as its voice-controlled Google Home Mini, Pixel 2 smartphone, and Pixelbook laptop have been seen as formidable competitors to Apple‘s Siri and Amazon‘s Alexa.
On trading platform Stockpile, which allows users to hold fractional shares of companies, Google was the sixth-most held stock on its platform among millennials. Young investors were buying shares of Google 5.3 times more than they were selling, according to Stockpile data.
The tech world seems to be even more confident about Google’s stock performance. Silicon Valley investors bought Google 120% more than they were selling, according to Robinhood.
“Investors based in Silicon Valley, where Alphabet is headquartered, appear to be more optimistic – potentially due to Alphabet recently announcing Waymo’s partnership with Fiat Chrysler Automobiles,” Arpan Shah, a data engineer at Robinhood, wrote in an email.
Google’s parent company has put Uber and Lyft on notice after announcing plans to buy thousands of autonomous minivans from Chrysler in a bid to expand its driverless, ride-hailing business in several US cities.
Google is the 22nd most-held stock overall on Robinhood.
Its stock was trading flat at $1,183.97 a share ahead of earnings, and was up 10.27% for the year.