This morning shares of Gamestop Corp (NYSE: GME) are poised to gap up on the opening bell with a 100%+ percentage gain from yesterday’s close following news that the Robinhood brokerage company has lifted some of the trading restrictions for its customers for the stock. Robinhood has been in the news and under attack by opinion makers and various politicians for restricting trading in the stock, however all of the news coverage and media attention has served to attract so much attention to the company and its trading app that this morning it has risen to be the number one most downloaded app in the Apple and Android stores.
This is very noteworthy for Gamestop (NYSE: GME) stock trading today, because the stock is ranked number 23 out of the 100 most owned stocks among Robinhood traders. Notice that Reddit is number two on this list. At 2:00 PM EST yesterday the WallStreetBets Reddit group that has been the focus of attention around Gamestop stock trading had 4.2 million members. As of now it has 6 million.
You can’t see the stocks at the top of this list, this is just a screen shot of part of it. The number one stock is Apple and second is Tesla. Robinhood users tend to closely follow this top 100 list and trade in a way that creates herd like behavior. It will be fascinating to watch how this unfolds going forward. The company has been under political attack yesterday from several politicians and the Senate is soon to hold hearings on the trading activities around Gamestop (NYSE: GME) and surrounding figures and events.
The CEO of Robinhood appeared on CNBC Thursday to defend his company and explain its decisions.
This is an ongoing story.
