Jitesh Parikh, the co-founder and COO of StockHoot, an analytics and trading insight platform for the masses, discussed leveraging technology and crowdsourced intelligence to deliver actionable insights for investors in an interview with Benzinga.
About StockHoot
StockHoot was born out of a vision to leverage tech and financial markets know-how to increase returns for the average investor.
The company runs a service that lets traders share actionable trading insights with other users.
“The platform is free for all. You can follow traders and get email alerts for trade ideas — whether it’s an opening trade or a closing trade — with all the details on why they opened the trade and why they closed it,” Parikh said.
StockHoot also has a paid subscription service that compensates traders for their insights.
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“It’s a monthly service. You [receive] a chat feature so you can talk to the traders in real time," the COO said. "So, it’s not, you know, 'hey, send us an email and let us get back to you within 48 hours.’”
The platform serves as an intermediary between traders and investors, he said.
"We manage the returns aspect as well, so traders are not just saying, ‘hey, I bought Apple at $200 in the morning.’ If the trader says 'I bought Apple today at 9:05 a.m,' we are pulling the real time price of Apple at 9:05."
Moving Forward
In an effort to address evolving demand, StockHoot has added more features to its platform. Earnings and economic data, analyst ratings and real-time price and trading alerts are now available.
The company aims to be a holistic utility tool, allowing members to conduct in-depth lateral analysis and trades within the platform, Parikh said.
“In the future, we want to connect to your OptionsHouse, Etrade, or TD Ameritrade account, so you can track all your portfolios in one place," he said.
Challenges
The challenge for StockHoot right now is one of not having capital backing, Parikh said.
StockHoot is most likely six to nine months away from receiving investments, he said.
“From an adoption perspective, I think we can market the product very well and be able to sustain the overheads to go after clients such as TD Ameritrade.”
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