Shares of TOP Financial Group Ltd. fell 12.2% in premarket trades after ending Friday’s session up 64.8% — the biggest daily percentage gain since April 28, 2023 when the stock rose 441.1%. The stock surged on trading volume of 72.63 million shares Friday, well above its 65-day trading volume of 1.26 million shares, and was halted for volatility during the session. On Monday morning, more than 500,000 shares changed hands. Short interest as a percentage of TOP Financial’s
TOP,
+64.83%
public float of shares was 0.86%.
Related: Meme stock TOP Financial Group soars more than 890%, spurred on by the Reddit crowd No apparent news drove the rise in TOP Financial Group’s stock, although the Hong Kong-based broker has previously sparked meme-like attention. TOP Financial, which went public in 2022, is a holding company. Through its subsidiaries, the company operates online brokerage platforms for equities, futures and options products. Last year, the company was popular with the Reddit group WallStreetBets, a key player in the meme stock phenomenon that fueled rallies in AMC Entertainment Holdings Inc.
AMC,
+7.09%
and GameStop Corp.
GME,
+2.16%.
The company was one of a number of small-cap Chinese stocks that generated meme-like buzz in 2023. Related: Small-cap Chinese stocks spark meme-like buzz TOP Financial has a market cap of $188.71 million. For the six months ending Sept. 30, 2023, the company’s revenue was $7.1 million, up from $5.2 million in the same period in the prior year. In a filing, the company attributed the revenue increase to its revised business strategy to diversify …
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TOP,
+64.83%
public float of shares was 0.86%.
Related: Meme stock TOP Financial Group soars more than 890%, spurred on by the Reddit crowd No apparent news drove the rise in TOP Financial Group’s stock, although the Hong Kong-based broker has previously sparked meme-like attention. TOP Financial, which went public in 2022, is a holding company. Through its subsidiaries, the company operates online brokerage platforms for equities, futures and options products. Last year, the company was popular with the Reddit group WallStreetBets, a key player in the meme stock phenomenon that fueled rallies in AMC Entertainment Holdings Inc.
AMC,
+7.09%
and GameStop Corp.
GME,
+2.16%.
The company was one of a number of small-cap Chinese stocks that generated meme-like buzz in 2023. Related: Small-cap Chinese stocks spark meme-like buzz TOP Financial has a market cap of $188.71 million. For the six months ending Sept. 30, 2023, the company’s revenue was $7.1 million, up from $5.2 million in the same period in the prior year. In a filing, the company attributed the revenue increase to its revised business strategy to diversify …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]