To a certain extent - yes - according to this theory, as expounded in Forbes,
Every Day-Trader Dollar Is Worth Five in a New Theory on Stocks
seemingly random movements of stocks up and down are in fact often fueled more by individual than institutional investors.

The stock market is - let's face it - driven by emotion. The emotions of millions of people multiplied over tens of thousands of stock trades as news, events and market sentiment are digested, drive stock prices up and down. This is why it's impossible to predict exactly what the stock market will do - it would be like having to predict the actions of not just one person, but millions of people.

But it does make sense that traders are what drive the markets, at least in the short term. Too many of these punks - such as the RobinHood fractional traders - think they'll get rich quick, when in the end, almost all lack not just the skill, but also the means, to ride out the downward streaks. Very often it's only after these small fry are wiped out that a given stock is able to move up without being set back every leg.

Traders are dead! long live traders.