Robinhood Markets Inc (NASDAQ: HOOD) shares are up nearly 25% this morning after the trading app made a move that brings it closer to eventually offering 24/7 trading on equities.
Equities can be traded for 13 hours a day now
The financial services firm added four hours to extended trading on Tuesday. Equities are now available to trade at Robinhood for 13 hours a day (7 a.m. to 8 p.m.). In its blog post, the company said:
Our customers are often preoccupied during regular hours, limiting their ability to invest or evaluate and react to important news. Our new extended trading hours will give them more opportunities to manage their portfolio at a convenient time for them.
Robinhood added over 10 million new funded accounts last year. In late January, however, it gave disappointing guidance for the current quarter.
Robinhood now better positioned to compete
Robinhood is now in a better shape to rival giants like Interactive Brokers, Fidelity, and Charles Schwab that also offer equities trading from 7 a.m. to 8 p.m. The U.S. firm did not need a green signal from the SEC to extend trading hours.
The news comes a week after Robinhood launched a new debit card to further spice up competition in the rapidly growing fintech industry.
Despite a jump this morning, HOOD is still down about 60% from its IPO price of $38 a share last year.
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