Robinhood (HOOD) co-founder and CEO Vlad Tenev tells Yahoo Finance Live he’s controlling what he can to jumpstart the online trading platform’s stock price.
The “hope” is that over time Robinhood’s stock will reflect those efforts, Tenev explained.
Shares of Robinhood are down 1% in the past year, lagging the S&P 500’s 14% gain. Rivals Charles Schwab (SCHW) (integrating TD Ameritrade acquisition) and Morgan Stanley (MS) (integrating E-Trade acquisition) have seen drops of 23% and 10%, respectively, during the same time frame.
At $9.55 a share, Robinhood’s stock remains about 75% shy of its 2021 IPO price.
To Tenev’s point, this year has seen a host of milestones for the company made famous during the GameStop (GME) trading frenzy several years ago.
Last week, Robinhood said it would launch in the UK in early 2024. Features of the service will include the ability to select from 6,000 US stocks and 24-hour trading five days a week.
This marks Robinhood’s third attempt at bringing its business to the UK.
UK markets regulator the Financial Conduct Authority (FCA) has warned in the past about the risks of gamifying investing, a frequent criticism of the Robinhood platform. But this time around, the company will launch with a license from the FCA.
For the US, Robinhood debuted 24-hours-a-day trading on some stocks and ETFs in May of this year.
The feature is available from 8:00 p.m. ET Sunday to 8:00 p.m. ET Friday. The initial foray unlocked trading on more than 40 stocks and ETFs, including trader favorites such as Apple (AAPL) and Tesla (TSLA).
The number of eligible stocks has since risen to more than 100. On top of this, the company has been pushing into gold and retirement products over the past six months.
Vlad Tenev, CEO and Co-Founder of Robinhood, speaks during the Piper Sandler Global Exchange and FinTech Conference in New York City, U.S., June 7, 2023. REUTERS/Brendan McDermid (Brendan McDermid / reuters)
Robinhood is also eyeing the launch of futures trading in 2024, pending regulatory approval. A credit card offering is on the docket as well for next year, Tenev said. The company announced that it’s acquiring…
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