Is Robinhood saying "gimme your stimmy"?

The trading platform recently launched a cash rewards program for some users that gives tiered rewards of up to $250 based on net deposits over the next few weeks. This program isn't directly connected with stimulus checks that most Americans are receiving, though. But the timing certainly works well with many investors having extra cash to put to use thanks to the $1.9 trillion stimulus package recently signed into law.

Even if you're not a member of the select group eligible for this cash rewards program, there are several highly popular stocks on the Robinhood trading platform that are attractive investment options. Here are three great Robinhood stocks to buy with your $1,400 stimulus check.

Three arrows stuck near the bulls-eye of a target with a large green dollar sign drawn on it

Image source: Getty Images.

Amazon.com

Granted, $1,400 isn't enough to buy even one share of Amazon.com (AMZN 0.58%). However, Robinhood and plenty of other trading platforms support buying fractional shares. And investing anything you can in Amazon should pay off big-time over the long run.

Amazon Web Services (AWS) by itself is a great reason to buy the tech stock. Last year, the cloud services unit generated $45.4 billion in revenue, up nearly 30% year over year. It accounted for 63% of Amazon's total operating income.

Of course, Amazon has plenty of other growth drivers. The company is the king of e-commerce, but e-commerce still makes up only a little over one-fifth of total U.S. retail sales. Amazon has significant opportunities in other arenas as well. I especially like its prospects in healthcare with the company expanding into online pharmacy and telehealth.

Even with its market cap topping $1.5 trillion, there's a good argument to be made that Amazon is actually undervalued. The stock trades at a little over four times sales. With its tremendous growth potential, this giant should become even bigger. 

Pfizer

You might think that Pfizer (PFE -0.97%) is kind of a dud. After all, the stock has underperformed the S&P 500 index over the last couple of years. But there's a reason why Pfizer ranks in the top 20 most popular stocks on Robinhood: Its growth story is about to get much better.

For one thing, Pfizer no longer has a basket of older drugs that have lost exclusivity hanging around its neck like an albatross. Those drugs are now in Viatris' lineup after Pfizer spun off its Upjohn unit and merged it with Mylan in November.

The biggie for Pfizer, though, is COVID-19 vaccine BNT162b2. Pfizer should make at least $20 billion in sales from the vaccine this year. The big drugmaker will split profits equally with its partner, BioNTech. However, Pfizer's top and bottom lines will still receive a huge jolt. With new coronavirus variants on the loose (and potentially more on the way), the company could enjoy strong recurring revenue from its COVID-19 vaccines for a long time to come.

Pfizer's shares trade at less than 11 times expected earnings. The company also offers a juicy dividend that currently yields close to 4.4%. If you're looking for a combination of growth, value, and income, Pfizer appears to be a great stock to scoop up right now.

Square

Square (SQ 0.71%) directly benefited from last year's stimulus checks. The fintech leader's customer acquisition, customer engagement, and Cash App transaction volume increased in the second quarter of 2020 thanks to the massive U.S. government stimulus program. There's likely to be a repeat performance with the latest stimulus round.

But this kind of temporary boost isn't the main reason why Square is a great stock to buy with your stimulus check now. The company's long-term growth prospects are enormous.

Many people know Square mainly for its small card readers. Those devices play a key role in the company's core payment processing business. However, the Cash App digital wallet is an even bigger growth driver for Square. Now that Square officially owns a bank, I look for the company's banking services to become an increasingly important revenue source.

Yes, Square's valuation appears to be astronomical at first glance with its shares trading at 196 times expected earnings. However, earnings multiples can be misleading for companies that are in their early stages of growth. I think that's definitely the case for Square. The world of the future will be one with a lot more digital payments and much fewer cash payments. That's a future where Square is poised to be a huge winner.