The GameStop Corp. logo 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 percent Friday morning after Robinhood removed trade 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 on Thursday afternoon, saying, “There are currently no time limits to increase your positions.”
The restrictions were introduced last week after a wave of retail investors inspired by the Reddit WallStreetBets board that piled up GameStop shares and other very short stocks.
As a result, GameStop shares rose 1,500% in January, giving it a market value of about $ 30 billion.
The price and value of the company’s shares fell to about $ 3 billion earlier this week as traders sold their position, but WallStreetBets remains full of people urging others to put is behind the actions of GameStop.
Social media users defended GameStop’s latest hike on Friday, with “game-activated” calls voiced on Twitter.
“Let’s go to Gamestonk, buy and hold,” one user wrote. “I won’t be #GME,” another user wrote, referring to the company’s stock marker.