Robinhood’s (HOOD) evolution from meme inventory buying and selling champion to a wealth control platform rages on.The corporate mentioned past due Wednesday it is going to be launching futures and index choices buying and selling on its app, a transfer broadly telegraphed for months. Each options will debut on Robinhood’s app “quickly,” according to Robinhood.The corporate additionally took the wraps off of Robinhood Legend, billed as a sleeker buying and selling platform that goals extra refined traders. Robinhood Legend will permit as much as 8 charts open in one window, and it would carry more than a few technical signs for buyers akin to Bollinger Bands.“With Robinhood Legend, futures, and index choices, we are serving to shoppers harness the total energy of the markets so they are able to take regulate in their monetary long term,” mentioned Robinhood co-founder and CEO Vlad Tenev.The redesign and new product drops apply a sequence of debuts and pivots in fresh months.Robinhood scooped up crypto change Bitstamp in June and took intention at credit score gamers American Specific (AXP) and Visa (V) in March with the release of a bank card that gives 3% money again on purchases.In November 2023, it in the end debuted its inventory buying and selling app in the United Kingdom after it introduced 24-hour buying and selling on make a choice shares and ETFs previous that 12 months.”We do not wish to simply serve energetic buyers. We wish to develop pockets percentage with our shoppers; we wish to lend a hand them construct wealth,” Tenev informed Yahoo Finance in a contemporary interview.Traders have taken realize of Robinhood’s transformation.Its stocks are up 110% 12 months thus far as increased rates of interest have boosted lender income and sentiments on its innovation pipeline have stepped forward. The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) are up by means of 21% and 22%, respectively, at the 12 months.The corporate reported 2nd quarter earnings grew 40% over final 12 months to $682 million. Internet income stepped forward sharply to $0.21 a percentage from $0.03 a 12 months in the past.Now not everybody at the Side road is bought at the corporate maintaining its benefit momentum as charges decline.”We proceed to look alternatives throughout its product pipeline in derivatives, Gold, and crypto, however a few of these choices are early in building and/or adoption with their inherent income energy unproven throughout price environments,” warned JPMorgan analyst Ken Worthington in a shopper word.The analyst has an Underweight score on Robinhood, the an identical of a Promote.Click on right here for the most recent inventory marketplace information and in-depth research, together with occasions that transfer stocksRead the most recent monetary and industry information from Yahoo Finance
