Nearly 40,000 Robinhood day traders added Tesla shares in 4 hours Monday as the stock whipsawed (TSLA)

Carmen Reinicke

July 14, 2020 5:48 PM

Nearly 40,000 Robinhood accounts added shares of Tesla during a four-hour period on Monday, Bloomberg reported , citing data from Robintrack.net.

The automaker's stock went on a wild ride Monday, gaining as much as 16% at one point before falling and closing down 3%.
Now, Tesla is the 10th most popular stock on Robinhood and is higher ranked than Amazon, according to Robintrack.
Watch Tesla trade live on Markets Insider.
Read more on Business Insider.

Robinhood traders keep betting on Tesla .

Nearly 40,000 Robinhood accounts added shares of the automaker during a four-hour period on Monday, Bloomberg reported , citing data from Robintrack.net. As of Tuesday, roughly 40,400 Robinhood accounts have added Tesla shares in the last 24 hours, Robintrack data show.

Now, Tesla is the 10th most popular stock on Robinhood and is higher ranked than Amazon, according to Robintrack . Currently, roughly 469,000 investors on the app hold shares of the automaker in some form.

The frenzied adding of Tesla came amid a volatile day of trading. Shares of Tesla jumped as much as 16% in intraday trading on Monday before reversing those gains, ending the day 3% lower in a rare day of losses for the stock.

Tesla shares have rallied in recent weeks on better-than-expected vehicle deliveries , a slew of analyst upgrades, optimism over its upcoming battery day , and anticipation of its quarterly earnings due July 22.

If the company reports its fourth quarterly profit in a row, it will have reached a key milestone to be considered for inclusion in the popular S&P 500 index .

Tesla has gained roughly 258% year-to-date.

NOW WATCH: How waste is dealt with on the world's largest cruise ship