3 Recent Wins for Robinhood
Since going public last year, the popular online retail brokerage Robinhood (NASDAQ: HOOD) has been volatile, at one point rising to $55 per share before crashing down to roughly $13.30 per share now and a roughly $11.5 billion market cap. As the pioneer of commission-free online stock trading, Robinhood has accumulated a big audience but faces challenges in staving off competition, maintaining its large user base, and eventually reaching profitability. Recently, the company has had some nice wins. Let's review each and see why it is important to the stock.
Recently, Robinhood announced that it would be extending its trading hours from normal market hours to between 7 a.m. to 8 p.m., enabling investors to put in trades in pre-market hours or after the market closes. Robinhood called the move an important step toward 24/7 investing. Offering pre-market and after-hours trading is common at most large brokerages such as Fidelity and Charles Schwab.
Robinhood attributed its decision to feedback from customers, who say they are too busy working during regular market hours. Robinhood also said it has a community of "early birds" and "night owls" only logging in outside of normal trading market hours. The news sent the stock rocketing 25% higher on the day of the announcement.
Source Fool.com
