The GameStop Corp logo on a laptop and the Robinhood application on a smartphone.
Tiffany Hagler-Geard | Bloomberg | Getty Images
Shares of video game retailer GameStop rose more than 15% on Friday morning after Robinhood lifted trading restrictions on the company’s stock.
GameStop’s share rose from $ 53 per share when the market closed on Thursday to $ 61 per share in pre-trading.
This comes after Robinhood removed temporary trading restrictions on all shares, including GameStop and AMC Entertainment Holdings, following a turbulent market.
Robinhood released an update on its website late Thursday, saying, “There are currently no temporary limits to increasing your positions.”
The restrictions were imposed last week after a spate of retail investors inspired by the Wall Street StreetBed Reddit board on GameStop stocks and other heavily shorted stocks.
As a result, GameStop’s share increased by 1,500% in January, giving it a market value of about $ 30 billion.
The company’s share price and value fell to about $ 3 billion earlier this week when traders sold their position, but WallStreetBets remains full of people urging others to get behind GameStop’s stock.
Social media users rallied the latest GameStop boom on Friday, with calls from ‘game on’ voiced on Twitter.
“Let’s Gamestonk, buy and hold,” one user wrote. “I will not sell #GME,” wrote another user, referring to the company’s stock market.