Investing
Robinhood jumps in extended trade after rev beat, 24-hour trading announcement
© Reuters. FILE PHOTO: The logo for Robinhood Markets, Inc., is displayed on a screen during the company’s IPO at the Nasdaq Market site in Times Square in New York City, U.S., July 29, 2021. REUTERS/Brendan McDermid
By Stephen Culp
NEW YORK (Reuters) – Shares of Robinhood Markets Inc (NASDAQ:) were last up 2.4% in extended trading after the company beat quarterly revenue forecasts and confirmed it would launch 24-hour trading services.
The financial services platform, which came to the fore in 2021 amid the retail trading frenzy surrounding so-called meme stocks, also reported an adjusted quarterly loss of 57 cents per share, narrower than the 61-cent loss analysts expected.
Of the 14 analysts covering the stock, three recommend “buy,” seven say “hold,” and the remaining four have “sell” ratings.
As of Wednesday’s close, the stock has risen 11.4% so far this year, compared with the Nasdaq’s 17.6% advance over the same time period.
Robinhood is nearing its second anniversary as a publicly listed company, and the stock closed on Wednesday 76.1% below its offer price of $38 per share.
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