Robinhood shares jump 12.27% to $108.58 as analysts lift price targets

Robinhood (HOOD) rose 12.27% to $108.58 on Wednesday. Argus Research raised its price target to $110 from $90 while reiterating a Buy rating, while Needham and Cantor Fitzgerald also maintained positive ratings in early June and raised or reaffirmed their targets. The company said it is cutting about 10% of its full-time workforce as a proactive move despite business strength, after June month-to-date average daily trading volumes hit records across equities, options and prediction markets. Robinhood is scheduled to report Q2 earnings on July 29.