Shares in consumer investment app Robinhood dipped as markets opened this morning, reversing some of yesterday's gains that followed news it's extending equities trading hours.
In a step toward enabling 24/7 investment in stock markets, the public fintech firm announced on Tuesday that it would extend morning and evening trading hours — to 7am from 9am and from 6pm to 8pm, respectively.
This means users will be able to trade equities a total of four hours longer than previously — news that made shares in the investment app leap by more than 25%. Yesterday, it began the day by changing hands at $13.23, surging to a high of $16.45 at 1 pm in New York.
As the Nasdaq opened this morning, however, the stock has tumbled to a price around the $15 mark at the time of writing. This could suggest that yesterday's share price rise was a momentary boost rather than a sign of sustained recovery.
The gyrations come amid news that Christine Brown, a key crypto executive at the trading app, is leaving to found a crypto startup. It's also not the first time that Robinhood shares have experienced volatility in the public markets. After a disappointing fourth-quarter earnings report in January, its shares slipped to a low of below the $10 mark.