The unprecedented rally of GameStop stock, propelled largely by retail investors, faced a new hurdle Thursday after trading platforms including Robinhood restricted users from purchasing shares of the electronics retailer.
In addition to GameStop stock, the Robinhood also restricted certain transactions for other stock touted by the sub-Reddit page r/wallstreetbets including shares of AMC Theaters, BlackBerry and Bed Bath & Beyond.
"We continuously monitor the markets and make changes where necessary," Robinhood said in a company blog post. "In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK. We also raised margin requirements for certain securities."
When many Robinhood users logged in Thursday, they were informed they could no longer buy shares of GameStop but could still sell them -- which would essentially lower the price.