The GameStop Corp. logo on a laptop and the Robinhood application on a smartphone.
Tiffany Hagler-Geard | Bloomberg | Getty Images
Shares in video game retailer GameStop rose more than 15% Friday morning after Robinhood lifted trading restrictions on the company’s shares.
GameStop’s stock rose from $ 53 per share when the market closed on Thursday to $ 61 per share in premarket trading.
This came after Robinhood lifted temporary trading restrictions on all stocks including GameStop and AMC Entertainment Holdings after a turbulent week for the markets.
Robinhood posted an update on its website late Thursday saying, “There are currently no temporary limits on increasing your positions.”
The restrictions were put in place last week after a wave of retail investors inspired by Reddit board WallStreetBets amassed GameStop shares and other sharply shortened stocks.
As a result, GameStop’s stock rose 1,500% in January, bringing it to a market value of around $ 30 billion.
The company’s share price and value fell to around $ 3 billion earlier this week when traders sold their position, but WallStreetBets are still full of people pushing others to get behind GameStop stock.
Social media users campaigned for the latest GameStop surge on Friday, with “Game on” calls being made on Twitter.
“Let’s buy and keep Gamestonk,” wrote one user. “I’m not going to sell #GME,” wrote another user, referring to the company’s stock ticker.