(Robinhood) Shares of Robinhood Markets Inc. surged more than 22% on Tuesday after allowing users to extend trading to between 7 a.m. ET and 8 p.m. ET.
The extended trading hours come as the brokerage firms attempt to address slow growth in trading volume.
Robinhood announced that the move was prompted by customer demand, pointing out that it is working to offer 24/7 investing for its users.
The brokerage firm’s previous trading was only permitted for half an hour before the market opened and only two hours after close.
Robinhood grew in popularity during the coronavirus pandemic, especially in the wake of the retail trading frenzy on meme stocks such as GameStop in the first half of 2021. Growth has since plummeted, with the firm facing competition from traditional brokerages such as Fidelity Investments.
HOOD: NASDAQ is up +22.09%
