Vlad Tenev, co-founder and CEO of Robinhood, will ring at the opening of the Nasdaq on July 29, 2021.
Source: The Nasdaq
As some Robinhood customers return to the office after the pandemic, the stock trading app – which has slowed this year – now offers extra hours in the morning and evening for its investors.
Robinhood said Tuesday it adds four extra hours to the trading day. Seeking to eventually secure a 24/7 stock trade, Robinhood said it will be available from 7 a.m. to 8 p.m. ET.
Until Tuesday, Robinhood offered to trade 30 minutes before opening and two hours after closing.
The U.S. stock market opens at 9:30 a.m. ET and closes at 4:00 p.m. ET as part of its regular session. Extended trading is allowed as early as 4 a.m. and lasts until 8 p.m., and some e-brokers offer this extended access.
“Our customers often tell us that they are working or concerned during normal market hours, limiting their ability to invest on their own schedule or evaluate and respond to important market news,” Robinhood said in a blog post on Tuesday. “Our new extended stock trading hours will give them more opportunities to manage their portfolio at a time convenient to them, whether early in the morning or in the evening.”
Competing brokerage firms Charles Schwab, Interactive Brokers and Fidelity also offer extended trading from 7 a.m. to 8 p.m. ET.
To prolong trading time, Robinhood did not need the permission of the Securities and Exchange Commission.
The company’s shares have been shattered this year as business in the trading program slows and it seeks new ways to boost growth. In 2022, Robinhood shares fell about 28%, giving it a market value of $ 11.12 billion.
Robinhood ended 2021 with 22.7 million net accumulated accounts, with more than 10 million accounts added last year alone. However, the company gave a weak revenue forecast for the first quarter.