The Robinhood audience has a new preferred speculative stock: Eastman Kodak.
In the past 24 hours, more than 60,000 users have added the share to their portfolio. This makes it by far the most popular stock in the thousand-year favorite trading app, according to Robintrack, which tracks user activity but is not affiliated with the company.
The photography pioneer's shares skyrocketed more than 500% at one point Wednesday after the U.S. government granted the company a $ 765 million loan on Tuesday to help manufacture pharmaceutical components to fight the coronavirus pandemic had granted.
During the Wednesday session, the shares were repeatedly stopped due to volatility. The stock was last up 385%, trading at $ 38 after having previously hit a session high of $ 60.
The increase on Wednesday follows a rise of more than 200% on Tuesday, which puts the stock at more than 2,000% for the week. The company's valuation is now over $ 1 billion. Before the announcement on Tuesday, the company was valued at $ 115 million.
"Every time a stock takes such a big step, it will attract attention, especially one that has been a household name," said JJ Kinahan, chief market strategist at TD Ameritrade. "However, people here have to be careful … there have already been a number of trade stops today. Caution should be the operational word," he added.
MarketRebellion co-founder Pete Najarian said Wednesday's trading volume was "outrageous" compared to usual activities. He said that 122 million shares were traded on Wednesday after 272 million shares changed hands on Tuesday. This is compared to the previous daily average trading volume of 125,000.
He also noted that the stock is in the top five in terms of volume on the options market and activity is 6,000% above normal.
Retail investors were a big part of the rally, with the S & P 500 gaining 48% from its March low. According to Robintrack, these investors often stack up in more speculative market areas, including names like Nikola, Plug Power and Virgin Galactic.
Tesla is another popular name in the app. At the beginning of this month, for example, almost 50,000 accounts increased their inventory in just 24 hours. The electric vehicle company is currently the eighth most popular holding, according to Robintrack.
Kodak filed for bankruptcy in 2012 when consumers switched to digital cameras.
However, this is not Kodak's first foray into the pharmaceutical industry. The company was previously involved in the manufacture of non-prescription drugs before selling to SmithKline Beecham, later GlaxoSmithKline, in 1994.
– Yun Li from CNBC contributed to the reporting.
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