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The Reddit rally is back.
GameStop’s stock price exploded once again Friday after the Robinhood app eased restrictions on trading that outraged rookie investors.
The video-game retailer’s shares surged 101 percent in premarket trading to $389.50 as of 6:27 a.m. as traders on Reddit’s “WallStreetBets” forum continued to talk it up as their golden goose.
That put the stock on pace to more than recoup the 44 percent drop it suffered Thursday as Robinhood barred investors from buying shares of GameStop and other companies that have been pumped up by the 5.8 million-member message board.
Robinhood later reversed course, saying it would let traders buy and hold limited numbers of those stocks on Friday. The company placed the tightest limits on GameStop — users can only purchase five shares or 10 options contracts.
That didn’t stop WallStreetBets traders from saying they would push the company’s share price up to $1,000 or even $5,000. They urged each other to hold onto the stock through the market turmoil.
“There will be dips today. Expect them,” WallStreetBets user yvngpillow wrote early Friday. “The rich are freaking out and they’re going to do whatever they can to try and save their own asses. They basically have immunity. WE JUST HAVE TO HOLD.”
The fast-growing forum has been the launching pad for a populist insurrection in the stock market. Reddit traders have pushed up stocks that institutional investors have shorted, or bet against. Those bets have led to hefty losses as the share prices soared.
Other WallStreetBets darlings also continued to surge Friday. Movie theater chain AMC Entertainment surged 54 percent in early trading to $13.30 after a nearly 57 percent loss Thursday. Former smartphone maker BlackBerry was recently up nearly 16 percent, while Nokia climbed about 6 percent and American Airlines spiked 13 percent.
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