Robinhood Markets Inc. HOOD unveiled its new desktop trading platform, Robinhood Legend, at the HOOD Summit 2024, marking another step in the company’s transformation from a mobile-first trading app to a comprehensive wealth management platform.
What Happened: The new platform, which offers advanced charting capabilities including up to eight simultaneous charts and enhanced technical indicators, aims to attract more sophisticated retail investors. CEO Vlad Tenev announced that initial demand was strong, with the first thousand early access spots claimed in under a minute.
“Our first thousand early access spots to Robinhood Legend were claimed in 46 seconds,” Tenev wrote on X.
“We really think for many people, including those in this room, this will likely become the primary way you trade on Robinhood,” Tenev said during the summit presentation. “I think we’ve come a long way from an investing app on your phone all the way to a desktop platform for advanced [traders].”
The platform will be available free to Robinhood users and will roll out gradually over the coming weeks. During the summit, Abhishek Fatehpuria, Senior Director of Product at Robinhood, demonstrated Legend’s features, which allow users to conduct detailed technical analysis before executing trades through the platform.
Tenev also outlined several upcoming platform enhancements, including:
- Lower margin rates
- Simulated returns
- Futures trading capabilities
- Realized profit and loss tracking
- Index options trading
The company offered immediate early access to summit attendees and the first thousand users who visit robinhood.com/legend on a desktop or laptop computer.
This launch represents Robinhood’s latest effort to expand its service offerings beyond its initial mobile-focused, commission-free trading model that gained popularity during the meme stock trading boom. The move positions the company to compete more directly with traditional brokerages that offer comprehensive desktop trading tools.
Why It Matters: Robinhood’s introduction of the Legend platform comes amid a series of strategic expansions. Robinhood announced also the launch of futures and index options trading, signaling a major expansion of its offerings. CEO Tenev highlighted the availability of index options trading in the coming months, with extended-hours trading expected next year.
Additionally, Robinhood’s efforts to attract younger investors have been bolstered by its crypto strategy, which has significantly increased its revenue. The company’s acquisition of Bitstamp and expansion into the European Union are part of its strategy to enhance its crypto trading services.
Furthermore, the company’s stock has seen positive momentum, with a recent re-rating by Piper Sandler analyst Patrick Moley, who raised the price target from $23 to $27.
Price Action: Robinhood stock closed at $26.93 on Wednesday, up 0.49% for the day. In after-hours trading, the stock rose an additional 2.49%. Year to date, Robinhood’s stock has surged by an impressive 117.70%, according to data from Benzinga Pro.
Read Next:
Image Via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
