Robinhood narrows its list of restricted shares, but will continue to impose limits on the purchase of GameStop Corp shares. and AMC Entertainment Holdings Inc.
On its website, online brokerage on Sunday changed its list of restricted stocks 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. ENOUGH,
Robinhood stocks.
Robinhood
Under the limits, Robinhood users can only buy a portion of GameStop (and up to five option contracts) and up to 10 of AMC (and 10 option contracts).
“Please note that these are aggregate limits for each security value, not custom limits, and include stock options and contracts that you have already Hold on, ”Robinhood said. “These limits can be changed throughout the day.”
Read: The biggest losers in the GameStop turmoil? An early list
Robinhood said that for users whose shares already exceed these numbers, the positions will not be sold or closed. “However, you will not be able to open more positions in each of these securities unless you sell enough of your holdings so that you are below that limit,” Robinhood said.
Last week, Robinhood sparked outrage – and lawsuits – from some users, restricting trading in a series of highly volatile stocks, which were very short-circuited.
See also: Opinion: Why regulators shouldn’t enjoy triggering when trying to control GameStop mania
GameStock shares rose more than 400% last week and rose more than 1,600% this year, following an effort by online retailers and encouraged on Reddit message boards to beat short sellers. AMC shares gained 280% last week and have risen 525% so far.