Robinhood Cuts 10% of Staff to Cut Costs and Boost Efficiency, Stock Strongly Reclaims $100 Mark

TradingKey - Robinhood's layoff announcement triggered a surge in its stock price past the $100 mark, hitting a new high in over four months and opening up new upside potential.

On June 16, Eastern Time, Robinhood ( HOOD) shares jumped 3% in pre-market trading, breaking through the $100 threshold again after five months. As of press time, Robinhood's stock price rose to a high of $101.71, hitting its highest level since January 30 this year and filling the gap left at the beginning of the year.

Robinhood stock chart, Source: TradingView

Today, Robinhood announced that it would lay off about 10% of its full-time staff and close some open job openings. This restructuring is expected to affect 290 positions, costing approximately $28 million in restructuring charges ($20 million in employee severance and $8 million in stock-based compensation). The market responded positively to Robinhood's aggressive "cost reduction and efficiency enhancement" measure, and its stock price rose in response.

Robinhood's stock price has performed strongly not only today but also recently. Over the past month, Robinhood's share price has posted solid gains, rising about 24% cumulatively, far outperforming other crypto-concept stocks. During the same period, Circle ( CRCL) plunged 29%, and MicroStrategy ( MSTR) slumped nearly 28%, while Coinbase ( COIN) fell over 17%.

In early June, Bitcoin fell below $60,000, triggering a cryptocurrency market crash and dragging down crypto stocks in general. However, Robinhood staged an independent rally on the back of multiple positive catalysts, such as its prediction market platform Rothera capturing strong trading volume for the 2026 World Cup, stellar May operating data showing a 48% year-on-year increase in platform assets, and the launch of AI agent trading features.

Robinhood's diversification strategy has won widespread recognition on Wall Street. Among them, Goldman Sachs raised its price target for Robinhood to $108, while Cantor Fitzgerald is bullish up to $110. More notably, Robinhood had teased in early June that it will hold an online launch event on July 1 at the Old Royal Naval College in London, where its Chairman and CEO Vlad Tenev will unveil several new financial products, which has also become a focal point of attention for investors and Wall Street institutions.