The GameStop Corp. logo on a laptop and the Robinhood application on a smartphone.
Tiffany Hagler-Geard | Bloomberg | Getty Images
Shares of video game retailer GameStop were up more than 15% Friday morning after Robinhood lifted trading restrictions on the company’s stock.
Shares of GameStop rose from $ 53 a share as the market closed Thursday to $ 61 a share in premarket trading.
It comes after Robinhood removed temporary trading restrictions on all stocks, including GameStop and AMC Entertainment Holdings after a tumultuous week for markets.
Robinhood released an update on its website late Thursday, stating, “There are currently no temporary limits for increasing your positions.”
The restrictions were introduced last week after a spate of retail investors inspired by the Reddit board WallStreetBets piling up on GameStop and other heavily short stocks.
As a result, GameStop’s stock rose 1,500% in January, bringing it a market value of approximately $ 30 billion.
The company’s stock price and value dropped to about $ 3 billion earlier this week as traders sold their position, but the WallStreetBets remain full of people urging others to find out about GameStop’s stock.
Social media users were in favor of the latest GameStop hike on Friday, with calls from “game on” on Twitter.
“Let’s buy and hold Gamestonk,” one user wrote. “I will not be selling #GME,” wrote another user, referring to the company’s stock price.