By: April Carson
After the epidemic, some Robinhood clients returned to work and the stock trading software — which has seen volume drop this year — is now offering more hours (hours that were not previously available on the app) in the morning and evening for its investors.
Robinhood announced Tuesday that it will extend the trading day by four hours. Robinhood said it will be accessible from 7 a.m. to 8 p.m. ET in an effort to eventually offer 24/7 equities trading.
Robinhood used to offer trading 30 minutes before the opening and two hours after the closing. The app is also available for a few hours during lunchtime. The company said there will be more announcements to come about the additional hours being offered.
"We've been listening to our clients and they've told us that they want to trade stocks around the clock," Robinhood's co-founder and CTO, Vlad Tenev, said in a statement. "We're excited to offer extended trading hours that will allow our clients to trade when it's most convenient for them."
The stock market in the United States opens at 9:30 a.m. ET and closes at 4:00 p.m. ET during its regular session. Trading is permitted as early as 4 a.m., with trading ending as late as 8 p.m., although certain electronic brokers provide for further access beyond those hours."
Robinhood announced Tuesday that it will begin offering extended trading hours for equities, beginning with its iOS app. “Our clients frequently tell us they're working or preoccupied during typical market hours, restricting their ability to invest on their own timetable and react to critical market news,” the company said in a blog post. “Equity traders will now be able to trade until 4:00 p.m., giving them more alternatives to manage their portfolio at a convenient time for them, whether early morning or late afternoon."
Other rival brokerages, including Charles Schwab, Interactive Brokers, and Fidelity, also cater to traders who need more flexibility. Extended trading from 7 a.m. to 8 p.m. ET is available at these firms as well.
To extend trading hours, Robinhood did not need regulatory approval. The company said it made the decision to add the hours after surveying its customers.
The firm's stock has been hit this year as business on the trading app slows down and it searches for new methods to develop. Robinhood's shares have dropped by around 28% so far in 2022, putting its market capitalization at $11.12 billion.
Robinhood ended the year with 22.7 million net cumulative funded accounts, with more than 10 million of them being established in the last 12 months alone. However, for the first quarter, the firm offered a modest revenue prediction.
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About the Blogger:
April Carson is the daughter of Billy Carson. She received her bachelor's degree in Social Sciences from Jacksonville University, where she was also on the Women's Basketball team. She now has a successful clothing company that specializes in organic baby clothes and other items. Take a look at their most popular fall fashions on bossbabymav.com
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