As some Robinhood clients head again to the workplace following the pandemic, the inventory trading app — which has skilled a slowdown in quantity this yr — is now providing additional hours within the morning and night for its buyers.
Robinhood stated Tuesday it’s including four additional hours to the trading day. In a push to finally present 24/7 equities trading, Robinhood stated it is going to be out there from 7 a.m. to 8 p.m. ET.
Till Tuesday, Robinhood offered trading half-hour earlier than the open and a pair of hours after the shut.
The U.S. inventory market opens at 9:30 a.m. ET and closes at 4:00 p.m. as a part of its common session. Extended trading is allowed as early as 4 a.m. and goes as late as 8 p.m. and a few digital brokers do supply that extended entry.
“Our customers often tell us they’re working or preoccupied during regular market hours, limiting their ability to invest on their own schedule or evaluate and react to important market news,” Robinhood stated in a blog post on Tuesday. “Our new extended trading hours for equities will give them more opportunities to manage their portfolio at a convenient time for them, whether that’s in the early morning or in the evening.”
Rival brokerages Charles Schwab, Interactive Brokers and Constancy additionally supply extended trading from 7 a.m. to 8 p.m.
Robinhood didn’t want approval from the Securities and Alternate Fee to prolong trading hours.
Robinhood’s inventory has been crushed this yr as enterprise on the trading app slows and it appears to be like for new methods to drive development. Shares are off by about 28% in 2022, giving it a market worth of $11.12 billion.
Robinhood ended 2021 with 22.7 million internet cumulative funded accounts, with greater than 10 million of the accounts being added in final yr alone. Nonetheless, the firm gave a weak income forecast for the primary quarter.