Financial services company Robinhood (HOOD) has rolled out a suite of advanced trading tools for more sophisticated traders called Robinhood Legend. This desktop-based platform includes advanced charting tools designed for users who want to conduct in-depth stock analysis.
HOOD Also Offers Futures Trading on Mobile
Additionally, the company has launched futures and index options trading on mobile. Customers will need to obtain approval to trade futures contracts, and these features will eventually be integrated into the Legend platform.
Vlad Tenev, Chairman and CEO of Robinhood, commented, “With Robinhood Legend, futures, and index options, we’re helping customers harness the full power of the markets so they can take control of their financial future.”
Why Is HOOD Expanding Its Product Suite?
These new offerings indicate that HOOD is steadily expanding its product suite, introducing features such as a credit card for Robinhood Gold subscribers and a digital wallet for cryptocurrencies. Robinhood CEO and co-founder Vlad Tenev explained the rationale behind the launch of the Legend platform during an interview with CNBC’s “Squawk Box.”
He explained that the platform has traditionally performed well on mobile, especially among younger users and those who primarily trade through mobile devices. However, he pointed out that about half of the market operates on desktop, where the larger screen allows for more advanced features, such as displaying charts and data side by side.
He added that until now, Robinhood hadn’t fully tapped into that segment.
Is HOOD Stock a Good Buy?
Analysts remain cautiously optimistic about HOOD stock, with a Moderate Buy consensus rating based on nine Buys, seven Holds, and one Sell. Over the past year, HOOD has skyrocketed by more than 100%, and the average HOOD price target of $24.23 implies a downside potential of 7.6% from current levels.
