Robinhood limits up to 100 shares of GameStop
After falling below $75 per share today, GameStop is seeing support with the stock trending at $125 per share.
A couple reasons for the move upwards. First, Mark Cuban did a WallStreetBets AMA where he said users should continue to hold GameStop – an effective way to demolish the suits.
But even better, Robinhood has lifted the limit on ownership of GameStop from 20 shares to 100 shares, just ten minutes ago. The lift on restriction will effectively allow investors to pile back in GameStop.
With a current price of $125 per share, traders can buy close to $12,500 GameStop shares without hitting a restriction.
What is interesting to us is how Robinhood is slowly increasing the limits on GameStop as the stock tanks. Not only does this show that Robinhood has supported the shorts but it has done a disservice to its core customer.
Want a way to get around the GameStop restrictions? Open up multiple accounts with different brokers. I personally use Robinhood, eTrade, Fidelity and Interactive Brokers. Using multiple brokers allows me to get around goofy trading rules, de-risks the potential of a broker going under and gives me personal flexibility when making trades.