At its peak in August 2021, Robinhood shares topped $70 apiece. Nearly 90 per cent of that value has vanished. The meme stock frenzy expressed through Robinhood’s trading app is a distant memory. In a bid to reboot that lost buzz, the US low-cost brokerage is offering users all-hours stock trading.
Robinhood has started with a select basket of popular stocks and exchange traded funds. Starting this week, some users will be able to trade between 8pm Eastern Time on Sunday and 8pm on Friday. The service will be available to everyone in June.
Robinhood’s rivals will ask “so what?” Investors who want to trade outside standard hours can already to do so. Brokering platforms such as Interactive Brokers, E*Trade and TD Ameritrade all allow overnight trading for some stocks and ETFs.