Robinhood narrows the list of restricted shares, but will still impose limits on the purchase of GameStop Corp. shares. and AMC Entertainment Holdings Inc.
On its website, Sunday’s online broker adjusted the list of restricted shares from 50 to eight: GameStop GME,
AMC AMC,
BlackBerry Ltd. BB,
Express Inc. EXPR,
Genius Brands International Inc. GNUS,
Koss Corp. KOSS,
Naked NAKD Brand Group,
and Nokia Corp. ENOUGH,
Robinhood restricted shares.
Robin Hood
Under the limits, Robinhood users can only buy one GameStop share (and up to five option contracts) and up to 10 AMC shares (and 10 option contracts).
“Keep in mind that these are aggregate limits for each security and not limits per order, and include stock and option contracts you have now wait, “Robinhood said.” These limits may be subject to change throughout the day. ”
Read: The biggest losers of the GameStop agitation? An early list
Robinhood said that for users who already have stakes above these figures, the positions will not be sold or closed. “However, you will not be able to open more positions on each of these securities unless you sell enough of your holdings so that you are below the respective limit,” Robinhood said.
Last week, Robinhood sparked outrage (and lawsuits) from some users by restricting trading in a series of highly volatile stocks that were very short.
See also: Opinion: Why regulators shouldn’t be happy trying to curb GameStop’s stock craze
GameStock shares rose more than 400% last week and rose more than 1,600% this year after an effort by online traders and encouraged on Reddit’s message boards to turn short sellers upside down. AMC shares gained 280% last week and have risen 525% so far.