Robinhood raises trading limit on GameStop further to 20 shares
The logo of trading app Robinhood is displayed on a smartphone.
Olivier Douliery | AFP via Getty Images
This is a developing story. Check back for updates.
Robinhood started easing trading restrictions on Monday, raising its trading limit on GameStop to four shares from a single share.
The brokerage also raised the limits on AMC Entertainment, Express and a few of the other eight restricted stocks. Here are the new restrictions.
Robinhood restricts trade on certain shares
Amid an increase in capital requirements from the SEC and the Depository Trust & Clearing Corporation, Robinhood put restrictions on certain stocks and options amid a retail investing frenzy in heavily shorted names last week. Reddit-obsessed traders drove GameStop’s stock up more than 400% in an effort to crush the hedge fund’s shorting the name.
GameStop shares were last down 17% after losing more than a third of their value.
The restricted list tells clients how many shares and options contracts they can buy pertaining to a particular security and Robinhood appears to be rolling back some of its limitations. Now, Robinhood clients can buy 4 shares, instead of just one. Clients can buy 75 shares of AMC, higher than the earlier restriction of just 10 shares.