Robinhood app rolls back some restrictions

(NBC) Investment app Robinhood further rolled back some of its trading restrictions. Clients can now buy up to 100 shares of GameStop. That’s up from the previous amount of 20 shares.

However, if an investor owns more than 100 shares of GameStop, they cannot buy one more share of the stock.

Robinhood also raised limits on AMC Entertainment, Express, and a few of the other five restricted stocks.

The app limited purchases after a group on a Reddit forum drove stock prices higher in an effort to squeeze hedge funds who were betting against those stocks.

Shares of GameStop tanked more than 40% Tuesday, bringing its weekly decline to about 60%.

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