The home screen of the Robinhood website on a smartphone.
Gabby Jones | Bloomberg | Getty Images
On Friday, restrictions on Robinhood retailers tightened throughout the day, allowing customers to only buy a single GameStop stock.
The stock trading app also expanded the list of restricted shares from 13 before the day to 50
“The table below shows the maximum number of stock and option contracts to which you can increase your positions,” Robinhood wrote. CNBC recreated the table.
The shortlist indicates to customers how many stock options and contracts they can buy in relation to a particular value. Robinhood customers can only purchase one share and up to five GameStop option contracts; however, if a customer already owns one or more GameStop shares, they will not be able to purchase any more shares.
Robinhood restrictions could take the wind out of pointing and clicking traders trying to raise the price of GameStop. However, Robinhood will not sell GameStop shares of any customer that already exceeds the limit of one share of a previous position.
Shares, which closed at 67%, were out of session highs as the new more severe limits were implemented. Earlier in the day, customers could buy five GameStop shares.
The majority of shares that customers could buy from any of the 50 shares was five. Customers without existing shares can only buy one share and 10 option contracts from AMC Entertainment, which is less than the previous 115 shares. Shares of AMC Entertainment closed 53%, but also topped the day’s highs. Guests can only purchase one stock from American Airlines, Bed Bath & Beyond and Koss.
The stock trading app has also expanded its list of restricted shares. Some of the new names include Advanced Micro Devices, Starbucks, Novavax, General Motors and Beyond Meat.
On Thursday, Robinhood told customers that they were only allowed to sell shares, not buy new ones, on certain stocks that caught the attention of Reddit people’s social media. The firm also raised margin requirements or the amount of money in a customer account when they will use leverage to buy a security. Robinhood’s decision received outrage, and many users filed their complaint on Twitter.
Robinhood said the trade restrictions were risk management decisions to protect Robinhood and its clearing centers, but said the restrictions would be eased on Friday.
The free trade pioneer raised $ 1 billion in money for investors and took advantage of overnight lines of credit so its customers could market names like GameStop and AMC Entertainment on Friday.
However, the restrictions tightened throughout the trading day as the list of limited stocks grew and the number of shares that customers could buy for certain shares.
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