GameStop Corp. on a laptop and the Robinhood app on a smartphone.
Tiffany Hagler-Geard | Bloomberg | Getty Images
Shares of video game retailer GameStop rose more than 15% on Friday morning after Robinhood removed restrictions on the company’s shares.
GameStop shares rose from $ 53 a share when the market closed Thursday at $ 61 a share in premarket trading.
It comes after Robinhood lifted temporary trading restrictions on all stocks, including GameStop and AMC Entertainment Holdings, after a tumultuous week for the markets.
Robinhood posted an update on its website late on Thursday, saying, “Currently, there are no temporary limits to increasing your positions.”
The restrictions were introduced last week after a wave of retail investors inspired by Reddit board WallStreetBets piled on GameStop shares and other short-circuited shares.
As a result, GameStop shares rose 1,500% in January, giving it a market value of about $ 30 billion.
The company’s stock price and value fell to about $ 3 billion earlier this week as traders sold their position, but WallStreetBets remains full of people urging others to withdraw from GameStop shares.
Social media users on Friday supported the latest GameStop growth, with “activated game” calls expressed on Twitter.
“Let’s Gamestonk, let’s buy and keep,” one user wrote. “I will not sell #GME,” wrote another user, referring to the company’s stock exchange.