TOP Financial’s stock slides after Hong Kong-based company saw huge gains Friday
Shares of TOP Financial Group Ltd. fell 40.6% on Monday after ending Friday’s session up 64.8% — a decline from its 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 average trading volume of 1.26 million shares, and was halted for volatility during the session. On Monday, 6.47 million shares changed hands. Short interest as a percentage of TOP Financial’s
TOP,
public float of shares was 0.86% as of Monday. The shares also snapped a five-day winning streak .
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 Friday, although the Hong Kong-based broker has previously sparked meme-like attention. TOP Financial, which went public in 2022, is a holding company that, through its subsidiaries, 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,
and GameStop Corp.
GME,
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 the services it provides to customers, rather than focus on futures brokerage commissions.
Shares of TOP Financial have fallen 11.1% in the past 52 weeks, compared to the S&P 500 index’s
SPX
gain of 21.4%.
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