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The Robin Hood The share ban extended to 50 high-profile Reddit names, imposing trade restrictions on everything, GameStop (NYSE:GME) at Advanced micro-systems (NASDAQ:AMD). As Robinhood’s bans arouse anger and shake up the market, what do you need to know now? And what are the 50 titles on the shortlist?
Source: Sulastri Sulastri / Shutterstock.com
Robinhood announced in a blog post yesterday that it will categorically suspend further purchases of GameStop and seven other actions. Angering celebrities and retail investors alike, the move ultimately resulted in a class action lawsuit. Through it all, the company said its decision was to protect regular investors from losing too much money. However, many saw it more as a way to protect short hedge funds against further losses.
Today, these restrictions continue. As it stands, Robinhood has restricted trading in 50 different stocks. Now, investors face overall limits on how many new stocks they can accumulate. Here are some of the names on the list:
- American Airlines (NASDAQ:AAL) – a new share
- First majestic silver (NYSE:AG) – a new share
- AMC Entertainment (NYSE:AMC) – a new share
- Advanced micro-systems (NASDAQ:AMD) – a new share
- Blackberry (NYSE:BB) – a new share
- Bed, bath and beyond (NASDAQ:BBBY) – a new share
- Maritime Beaver (NASDAQ:CTRM) – five new actions
- Express (NYSE:EXPR) – five new actions
- GameStop (NYSE:GME) – a new share
- Gran Tierra Energy (NEW:GTE) – five new actions
- Jaguar Health (NASDAQ:JAGX) – five new actions
- Koss (NASDAQ:KOSS) – a new share
- Modern (NASDAQ:RNAm) – a new share
- Bare mark (NASDAQ:NAKD) – five new actions
- The9 (NASDAQ:NCTY) – a new share
- Nokia (NYSE:ENOUGH) – five new actions
- Rolls Royce (OTCMKTS:RYCEY) – five new actions
- iShares Silver Trust (NYSEARCA:SLV) – a new share
- Producers of sundials (NASDAQ:SNDL) – five new actions
- Tootsie Roll (NYSE:TR) – a new share
- Trivago (NASDAQ:TRVG) – five new actions
- Workhorse (NASDAQ:WKHS) – a new share
- Qualtrics (NASDAQ:XM) – a new share
You can check out the full list on the Robinhood website here.
What you need to know about the new Robinhood share bans
So what do you really need to know about Robinhood’s new bans?
Essentially, the trading platform massively extended its restrictions from the biggest names to a large group of popular stocks. The new list goes from GameStop and AMC Entertainment to Workhorse and even Churchill Capital IV (NASDAQ:CCIV), which many believe will require Lucid engines Public.
Essentially, if you want to open a new position in any of these stocks, you can only add a set number of stocks. Also, this is not a limit per order, but rather an overall limit that all customers face. Additionally, investors are not allowed to purchase fractional amounts of these stocks and face restrictions on options trading.
According to Robinhood, these changes are due to continued market volatility. With a swirling class action lawsuit and resounding criticism, keep an eye out for this news. And looking ahead, consider the benefits of decentralized financial stocks as these four choices.
As of the publication date, Sarah Smith does not hold (either directly or indirectly) any position in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.
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