Robinhood (NASDAQ: HOOD), an online investment platform that aims to enable a more tech-advanced group of investors, is touting its ability to trade single securities around the clock. Robinhood states that it is the only US brokerage to facilitate trading 24/5 (not quite every day of the week).
In a blog post, Robinhood explains that orders are limit orders only (instead of market) – a common sense requirement as liquidity can be thin in off hours and bid asks can have a higher spread. The market hours commence at 8 PM ET on Sunday and close at 8 PM ET on Friday.
Robinhood reports that it currently lists 922 securities, including ETFs. Robinhood notes that news can hit at any time, and extended trading hours can help investors to react to events.
Robinhood’s update arrives just after a good quarter, which topped analyst expectations, driving shares higher. While not all analysts are as bullish, JMP Securities boosted the price target on Robinhood to $25 from $23 following the results.
