GameStop shares climb 10% after Robinhood lifts trading restrictions


The GameStop Corp. logo on a laptop computer and Robinhood application on a smartphone.

Tiffany Hagler-Geard | Bloomberg | Getty Images

Shares of video game retailer GameStop climbed more than 10% on Friday after Robinhood removed trading restrictions on the company’s stock.

GameStop’s stock rose from $53 per share when the market closed on Thursday to $60 per share in early afternoon trading. Trading was halted multiple times for volatility, with shares peaking at $95 per share during the session.

It comes after Robinhood removed temporary trading restrictions on all stocks including GameStop and AMC Entertainment Holdings after a tumultuous week for markets.

Robinhood issued an update on its website late on Thursday, saying: “There are currently no temporary limits to increasing your positions.”

The restrictions were introduced last week after a wave of retail investors inspired by the Reddit board WallStreetBets piled in on GameStop shares and other heavily shorted stocks.

As a result, GameStop’s stock surged 1,500% in January, which gave it a market value of around $30 billion.

The company’s share price and value came tumbling down to around $3 billion earlier this week as traders sold off their position but the WallStreetBets remains full of people urging others to get behind GameStop’s stock.

Social media users championed the latest GameStop surge on Friday, with calls of “game on” expressed on Twitter.

“Let’s Gamestonk, buy and hold,” wrote one user. “I will not sell #GME,” wrote another user, referencing the company’s stock ticker.

 



Source link

Discover

Sponsor

Latest

New alert warns of tax season cyberscam

A new report to be released Thursday says it has identified a new hacking campaign designed to capitalize on users' tax anxieties with...

Why Hollywood is staying quiet about Georgia’s new voting law

Tyler Perry accepts People's Champion Award onstage for the 2020 E! People's Choice Awards held at the Barker Hangar in Santa Monica, California...

White House targets racial inequities

U.S. President Joe Biden speaks in the Eisenhower Executive Office Building in Washington, D.C., U.S., on Monday, March 29, 2021.Stefani Reynolds | Bloomberg...

CDC: Schools Safe to Reopen Before Vaccinations

CDC Director Rochelle Walensky, MD, says it’s possible for schools to reopen safely even if teachers have not yet had a chance to...

Volkswagen stops racing to focus on electric cars

Volkswagen quietly announced it's sending its racing division to the automotive dust bin in order to allocate more time, money, and personnel to...