GameStop spikes 78% after Robinhood removes trading restrictions placed on Reddit-favored stocks
- GameStop spiked as much as 78% on Friday after Robinhood announced it has lifted restrictions on trading in popular Reddit
- Shares of
AMC Entertainmentalso climbed 17% at intraday highs. Both companies have seen their stock prices fall from lofty highs in recent days.
- Robinhood said restrictions were imposed to meet regulatory requirements.
Shares of GameStop spiked as much as 78% on Friday after Robinhood removed trading restrictions on the stock, which has been at the center of a retail-investor buying spree. Fellow
The trading platform informed users of the lift on restrictions in a Friday update on its website.Both stocks rocketed higher in January after traders on Reddit began buying them to force a squeeze on short-sellers, largely targeting hedge funds that had anticipated a drop in the share prices. GameStop shares hit an intraday high of $483 on January 28 and AMC shares reached an intraday high of $20.36 on January 27.
Robinhood has previously said it had to block purchases to meet a tenfold increase in deposit requirements mandated by clearinghouses registered with the Securities and Exchange Commission. Lawmakers and investors heavily scrutinized Robinhood's decision to impose trading limits.
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