Stock trading app Robinhood appears to be headed for an IPO based on a recent SEC filing. The company is doing well by attracting more investors to its platform. The platform's top 100 list shows which stocks are the most popular among its users. David Cohne has scanned the list to find his top three stocks which include Apple (AAPL), Nokia (NYSE:NOK), and Walmart (NYSE:WMT).Robinhood has been in the news lately for a couple of different reasons. First, the company is looking to go public and recently filed a Form S-1. Companies file this form to register with the U.S. Securities and Exchange Commission before they go public. From this form, we learned that Robinhood had a great quarter.
Robinhood had 18 million net cumulative funded accounts by the end of the first quarter, a 44% jump from the end of 2020. This means that the company is doing quite well, and it continues to gain traction with a younger investor audience. The company has also been in the news as retail traders have been driving up the share prices of companies that may not reflect their fundamentals, also called meme stocks.
That's why I took a look at Robinhood's Top 100 list to get an idea of what stocks are popular with investors on their platform right now. While I saw some common names such as Tesla (NASDAQ:TSLA) and Amazon (NASDAQ:AMZN), I also saw a few meme stocks, including AMC Entertainment Holdings, Inc. (NYSE:AMC). This led me to go through the top 100 list to identify my top three stocks, including Apple Inc. (NASDAQ:AAPL), Nokia Corp. ADR (NOK), and Walmart Inc. (WMT).