Robinhood is reducing its list of restricted shares, but will still impose limits on the purchase of shares in GameStop Corp. and AMC Entertainment Holdings Inc. when negotiations begin on Monday.
On its website, the online broker on Sunday adjusted its list of restricted shares from 50 to eight: GameStop GME,
AMC AMC,
BlackBerry Ltd. BB,
Express Inc. EXPR,
Genius Brands International Inc. GNUS,
Koss Corp. KOSS,
Naked Brand Group NAKD,
and Nokia Corp. NOK,
Robinhood’s restricted actions.
Robinhood
According to the limits, Robinhood users can buy only one GameStop share (and up to five option contracts) and up to 10 AMC shares (and 10 option contracts).
“Please note that these are add limits for each security and not per-order limits, and include shares and option contracts that you already wait, ”said Robinhood. “These limits may be subject to change throughout the day.”
Read: The biggest losers with the GameStop turmoil? An initial list
Robinhood said that for users whose holdings already exceed those numbers, the positions will not be sold or closed. “However, you will not be able to open more positions for each of these bonds, unless you sell enough of your holdings so that it is below the respective limit,” said Robinhood.
Last week, Robinhood generated fury – and lawsuits – from some users by restricting trading in a series of highly volatile stocks that were heavily short.
See too: Opinion: Why regulators shouldn’t be anxious to try to control GameStop’s stock craze
GameStock’s shares rose more than 400% last week and rose more than 1,600% this year after an effort by online traders, and encouraged in the Reddit forums, to bring down short sellers. AMC’s shares rose 280% last week and rose 525% year-to-date.