The GameStop Corp logo. on a laptop and the Robinhood app on a smartphone.
Tiffany Hagler-Geard | Bloomberg | Getty Images
Shares in video game retailer GameStop rose more than 15% on Friday morning after Robinhood removed trade restrictions on the company’s shares.
GameStop’s shares rose from $ 53 per share when the market closed on Thursday to $ 61 per share in the pre-market.
This is after Robinhood removed temporary trading restrictions on all stocks, including GameStop and AMC Entertainment Holdings, after a tumultuous week for the markets.
Robinhood released an update on his website late on Thursday, saying, “There are currently no temporary limits to increase your positions.”
The restrictions were introduced last week after a wave of retail investors inspired by the Reddit WallStreetBets board huddled in GameStop shares and other heavily shorted stocks.
As a result, GameStop’s shares rose 1,500% in January, giving it a market value of around $ 30 billion.
The company’s share price and value fell to around $ 3 billion earlier this week as traders sold their positions, but WallStreetBets remains full of people asking others to support GameStop’s shares.
Social media users defended GameStop’s latest rise on Friday, with “game on” calls expressed on Twitter.
“Come on Gamestonk, buy and keep,” wrote one user. “I will not sell #GME”, wrote another user, referring to the company’s stock code.