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Robinhood raises trading limit on five companies

FILE PHOTO: Trading information for GameStop is displayed on the Robinhood App as another screen displays the Robinhood logo

(Reuters) -Online trading platform Robinhood said on Tuesday it had raised trading limits on stocks of five companies, including GameStop Corp and AMC Entertainment Holdings Inc.

The trading limit on GameStop shares was increased to 100 from 20, while restrictions on Express Inc, Naked Brand Group Ltd and Nokia were also eased, according to an update on Robinhood’s website.

The online broker, one of the hottest venues in last week’s retail-trading frenzy, had put temporary buying restrictions on a small number of securities as clearing house-mandated deposit requirements for equities increased ten-fold.

The move had drawn the ire of retail investors who were pouring money into certain stocks that were being heavily shorted by hedge funds following calls by Reddit thread WallStreetBets.

However, Robinhood still recorded more downloads than any other U.S. trading app last week, according to market research data providers.

(Reporting by Niket Nishant in Bengaluru; Editing by Aditya Soni)

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