C
Chris Smith
Guest
- Robinhood and other brokerages limited GameStop ($GME) trading on Thursday, preventing retail buyers from buying more shares.
- A wave of criticism followed from politicians and celebrities questioning the company’s practices. Lawsuits were also filed against Robinhood.
- The commission-free trading app wasn't the only brokerage to have restricted trading on highly volatile “meme stocks” like GME and several others that are popular with a Reddit trading group. But most of those retail traders use Robinhood for trading.
- As a result, many Android users have review-bombed Robinhood on the Google Play store, where the app has an average score of 1 star at the time of this writing.
The GameStop short squeeze saga continued on Thursday with an unexpected development in the Reddit vs. Wall Street battle. The stock opened at $265, went as high as $483, and then descended all the way down to $112.25. That’s essentially a repeat of the battle for control over GME stock we’ve witnessed all week long. But as the GameStop trading gathered more steam and national attention this week, prices rose higher than ever, with countless retail investors joining the ranks of the WallStreetBets subreddit, fueling the meteoric rise against the heavily shorted GME stock.
Armed with information and a mobile app, thousands of people have been buying GME shares, with many aiming to hurt big Wall Street investment funds in the process. But Thursday also brought a new development to the GameStop war. Several brokerages limited trading of GME and other so-called “meme stocks” that Reddit users were pushing. Among them was Robinhood, the commission-free app that’s popular with retail investors looking to trade stocks from their phones. And the app is now a 1-star app in the Google Play store, as users were not happy to find out they were shut out from buying GME and several other stocks.
Today's Top Deal
Amazon shoppers can't get enough of these best-selling black masks
Price: $26.25
Buy Now
Continue reading...
Today's Top Deals
Trending Right Now:
- Forget $1,400 stimulus checks – this is the best stimulus plan we’ve heard
- Researchers might finally know why some people suffer from Long COVID
- This is a huge risk factor for COVID death – and no one can explain why
Robinhood now has a 1-star rating on the Google Play store originally appeared on BGR.com on Thu, 28 Jan 2021 at 18:54:28 EDT. Please see our terms for use of feeds.
Via BRG - Boy Genius Report