On June 18, Robinhood Markets rose 3.34% in regular trading, trading at $108.86/share, with turnover of $1.509 billion. Multiple catalysts continued to fuel the rally as Triple Witching Day saw approximately $8.3 trillion in options expiring, with Robinhood's options volume surpassing one million contracts for the first time.
The momentum builds on a series of developments this week. Deutsche Bank raised its price target from $98 to $105, maintaining a buy rating, citing the company's cost reduction through a roughly 10% workforce reduction and record-high daily trading volumes across stocks, options, and prediction markets in June. The layoff is expected to generate approximately $28 million in related charges, all booked in Q2. Additionally, the SpaceX IPO on June 12 brought record platform traffic to Robinhood, which served as the only retail broker offering unconditional access to the offering for all accounts.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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