Robinhood Markets closed at $105.20, up 8.78%, after announcing a planned 10% workforce reduction and record June month-to-date volumes. The company stated it is taking the action from a position of strength, with record levels across equities, options, and prediction markets. Trading volume reached 69.9 million shares, about 128% above its three-month average of 30.6 million shares. Following the news, an analyst at Argus raised the price target from $90 to $110, while other investment firms also increased their targets. The broader market declined, with the S&P 500 falling 1.19% and the Nasdaq Composite dropping 1.34%.
Robinhood Markets IncAnnounced 10% workforce reduction and record June volumes, with analyst price target upgrades.
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