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…