Founded by Stanford graduates Vladimir Tenev and Baiju Bhatt in 2013, Robinhood Markets (Nasdaq: HOOD) is a brokerage platform that has become popular with its stock, cryptocurrency, tokenize
Founded by Stanford graduates Vladimir Tenev and Baiju Bhatt in 2013, Robinhood Markets (Nasdaq: HOOD) is a brokerage platform that has become popular with its stock, cryptocurrency, tokenized stock, and event prediction contract offerings.
The company made news on June 16 when it disclosed in the Securities and Exchange Commission (SEC) filing that it will cut roughly 10% of its full-time workforce as it pushes to run faster operations.
Related: Robinhood stock slides after layoff announcement
The layoff decision affects 290 employees.
The company expects to record approximately $20 million in cash charges tied to employee severance and benefits, in addition to approximately $8 million in share-based compensation costs. It plans to recognize the accrual in the second quarter of 2026.
Trending on TheStreet Roundtable:On June 17, Argus raised the Robinhood stock's price target from $90 to $110.
The latest hike comes after two analysts also raised their price targets on the stock only last week.
As reported earlier, Cantor Fitzgerald raised its price target from $100 to $110, and Needham raised its price target from $85 to $97.
Argus raised Robinhood's price target and earnings per share (EPS) estimates to reflect an improving backdrop for trading while also factoring in modestly lower headcount expense growth.
The analyst highlighted that the company's shares have surged 35% since announcing the Q1 2026 earnings due to a more volatile trading environment amid the ongoing Iran conflict.
Following the latest price target hike, the Robinhood stock surged more than 14% to hit the intraday high of $110.73 on June 17. The stock was trading at $107.84 at press time.
