Markets

GameStop shares climb 19% on Friday to finish week down 80%

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Key Points
  • Shares of video game retailer GameStop climbed 19% on Friday after Robinhood removed trading restrictions on the company's stock.
  • The stock traded as high as $95 per share during the session and was halted multiple times for volatility.

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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 19.2% on Friday 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 $63.77 per share at Friday's closing bell. Trading was halted multiple times for volatility, with shares peaking at $95 per share during the session.

The move comes after Robinhood removed temporary trading restrictions on all stocks including GameStop and AMC Entertainment Holdings after a tumultuous week for markets.

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.