The GameStop Corp. logo on a laptop computer and Robinhood application on a smartphone.
Tiffany Hagler-Geard | Bloomberg | Getty Images
Shares of video game retailer GameStop climbed more than 15% on Friday morning after Robinhood removed trading restrictions on the company’s stock.
GameStop’s stock rose from $53 per share when the market closed on Thursday to $61 per share in premarket trading.
Robinhood issued an update on its website late on Thursday, saying: “There are currently no temporary limits to increasing your positions.”
The restrictions were introduced last week after a wave of retail investors inspired by the Reddit board WallStreetBets piled in on GameStop shares and other heavily shorted stocks.
As a result, GameStop’s stock surged 1,500% in January, which gave it a market value of around $30 billion.
The company’s share price and value came tumbling down to around $3 billion earlier this week as traders sold off their position but the WallStreetBets remains full of people urging others to get behind GameStop’s stock.
Social media users championed the latest GameStop surge on Friday, with calls of “game on” expressed on Twitter.
“Let’s Gamestonk, buy and hold,” wrote one user. “I will not sell #GME,” wrote another user, referencing the company’s stock ticker.