The Robin Hood the share ban has expanded to 50 high-profile Reddit names, placing trade restrictions on everything from farm to farm GameStop (NYSE:GME) to Advanced micro-devices (NASDAQ:AMD). With Robinhood bans provoking anger and moving the market, what do you need to know now? And what are the 50 stocks on the restricted list?
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Yesterday, Robinhood announced in a blog post that it will halt new purchases of GameStop and seven other shares completely. Furious celebrities and retail investors eventually led to a class action lawsuit. Through it all, the company said it was determined to protect ordinary investors from too much money. However, many saw it as a way to protect short-selling hedge funds from further losses.
Today, these restrictions continue. As it stands now, Robinhood has restricted trading in 50 different stocks. Investors now have a total limit on how many new stocks they can accumulate. Here are some names on the list:
- American Airlines (NASDAQ:AAL) – one new share
- First majestic silver (NYSE:AG) – one new share
- AMC Entertainment (NYSE:AMC) – one new share
- Advanced micro-devices (NASDAQ:AMD) – one new share
- BlackBerry (NYSE:BB) – one new share
- Bed, bath and beyond (NASDAQ:BBBY) – one new share
- Castor Maritiem (NASDAQ:CTRM) – five new shares
- print out (NYSE:EXPR) – five new shares
- GameStop (NYSE:GME) – one new share
- Gran Tierra Energie (NEW:GTE) – five new shares
- Jaguar Health (NASDAQ:JAGX) – five new shares
- Koss (NASDAQ:KOSS) – one new share
- Modern (NASDAQ:MRNA) – one new share
- Naked trademark (NASDAQ:NAKD) – five new shares
- Die9 (NASDAQ:NCTY) – one new share
- Nokia (NYSE:NOK) – five new shares
- Rolls-Royce (OTCMKTS:RYCEY) – five new shares
- iShares Silver Trust (NYSEARCA:SLV) – one new share
- Solar Growers (NASDAQ:SNDL) – five new shares
- Tootsie Roll (NYSE:TR) – one new share
- Trivago (NASDAQ:TRVG) – five new shares
- Workhorse (NASDAQ:WKHS) – one new share
- Qualtrics (NASDAQ:XM) – one new share
You can see the full list on the Robinhood website here.
What to know about the new Robinhood stock ban
So, what do you really need to know about the new Robinhood ban?
In essence, the trading platform has extended its limitations of the top names to a broad group of popular stocks on a large scale. The new list goes from just GameStop and AMC Entertainment to Workhorse and even Churchill Capital IV (NASDAQ:CCIV), which will take a lot of thinking Lucid Motors public.
In essence, if you want to open a new position in one of these stocks, you can only add a fixed number of stocks. It is also not a limit per order, but rather a total limit that all customers face. In addition, investors are not allowed to buy portions of these shares, and they are restricted from trading options.
According to Robinhood, these changes are due to ongoing market volatility. Keep an eye on this news while there is a class action lawsuit that revolves around criticism. And as you look to the future, consider the benefits of decentralized finance stocks like these four actions.
At the date of publication, Sarah Smith (directly or indirectly) held no positions in the securities mentioned in this article.
Sarah Smith is a web content producer at InvestorPlace.com.