Vlad Tenev, co-founder and CEO of Robinhood calls the opening bell at the Nasdaq on July 29 th, 2021.
Source: The Nasdaq
As some Robinhood customers head back to the workplace following the pandemic, the stock trading app– which has actually experienced a downturn in volume this year– is now using additional hours in the early morning and night for its financiers.
Robinhood stated Tuesday it is including 4 additional hours to the trading day. In a push to ultimately supply 24/ 7 equities trading, Robinhood stated it will be readily available from 7 a.m. to 8 p.m. ET.
Until Tuesday, Robinhood used trading 30 minutes prior to the open and 2 hours after the close.
The U.S. stock exchange opens at 9: 30 a.m. ET and closes at 4: 00 p.m. ET as part of its routine session. Extended trading is permitted as early as 4 a.m. and goes as late as 8 p.m. and some electronic brokers do use that prolonged gain access to.
“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 postTuesday “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 Fidelity likewise use prolonged trading from 7 a.m. to 8 p.m. ET.
Robinhood did not require approval from the Securities and Exchange Commission to extend trading hours.
The business’s stock has actually been squashed this year as organization on the trading app slows and it searches for brand-new methods to drive development. Shares of Robinhood are off by about 28% in 2022, providing it a market price of $1112 billion.
Robinhood ended 2021 with 22.7 million net cumulative financed accounts, with more than 10 countless the accounts being included in 2015 alone. However, the business offered a weak income projection for the very first quarter.