Robinhood Markets Inc. (NASDAQ:HOOD) has launched its new desktop trading platform, Robinhood Legend, at the HOOD Summit 2024, signaling a significant shift from its mobile-first approach to a more comprehensive wealth management platform.
What Happened: Chief Brokerage Officer Steve Quirk emphasized the need for this transition, stating, "About 50% of all retail trading happens on a mobile device and about 50% of it happens on a desktop. We, up to this point, had only been competing on the mobile front. Now we have an alternative." Quirk said this in an appearance on CNBCOvertime.
Robinhood Legend is designed to appeal to more sophisticated retail investors, featuring advanced charting capabilities with up to eight simultaneous charts and enhanced technical indicators.
CEO Vlad Tenev highlighted the initial success of the platform, announcing that the first thousand early access spots were claimed in under a minute, indicating robust demand among users.
Why It Matters: This development follows a series of strategic moves by Robinhood to expand its offerings. The company recently announced the launch of futures trading and index options trading at the HOOD Summit 2024. This was seen as a major expansion of the platform's offerings.
Robinhood's acquisition of Bitstamp is also expected to drive growth in its crypto offerings. The company's General Manager for Robinhood Crypto, Johann Kerbrat, highlighted the potential impact of this acquisition on the company's crypto products.
Robinhood's growth has been a topic of discussion in the industry, with CBOE CEO Fred Tomczyk describing it as "an eye-opener". The company's expansion into desktop trading is expected to further strengthen its position in the market.
Price Action: Robinhood's stock closed at $26.32 on Thursday, down 2.27% for the day. In after-hours trading, the stock saw a slight increase of 0.38%. Year to date, Robinhood's stock has experienced growth of 112.77%, according to data from Benzinga Pro.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
