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Millennials Just Can't Stop Buying Shares of Plunging Snap — Here's the Biggest Reason Why

Millennials have been known to approach the stock market with caution, but that hasn't stopped some from investing in one of this year's riskiest stocks, Snap Inc. (SNAP) .

The Snapchat parent company is the third most popular stock among millennial users on Robinhood, an online brokerage app with more than two million users, the company said. Apple Inc. (AAPL) claims the number one spot, while chipmaker Advanced Micro Devices Inc. (AMD) ranks second. The median age of Snap shareholders on the app is 26 -- the same age as the company's CEO and co-founder, Evan Spiegel.

Those millennials can probably claim something most Snap investors can't -- they knew about the disappearing message app long before it made plans to go public. But while they may have been die-hard fans of Snap before the IPO, their loyalty has certainly been tested in the months since.

Zac Caldwell, a 29-year-old who works for AmeriCorps Vista, said he continues to buy and sell Snap's stock on the Robinhood app, adding that 40% of his portfolio is invested in the social media upstart. Caldwell said he's holding out hope for Snap to post a modest beat on second-quarter earnings when it reports earnings on Thursday, and perhaps offer more details or guidance about future plans, given the stock's decline.

"I believe it's a...