The current meme stock favorite, TOP Financial Group (NASDAQ: TOP) continued to be on a downward trajectory in pre-market trading at the time of writing on Friday after tanking by around 80% on Thursday. This downward trend in the stock came after the stock of the online brokerage firm surged last week.
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The stock rallied last week after it proved popular on the WallStreetBets group on Reddit as a user (Major-Access2321) on the group encouraged others to look at the stock’s after-market trades.
The wild rally in the stock prompted TOP to issue a press release, “While it is the company’s practice not to comment on any stock movement, we believe it is important to note that we caution investors and all other persons to rely solely on statements and filings with the United States Securities and Exchange Commission issued by the company itself or its authorized representatives. The company does not intend to make further statements regarding this matter.”
TOP, formerly Zhong Yang went public in June last year, pricing the stock at $5 per share.
Volumes of TOP stock have surged in the past 10 days with the ten-day average volume at 5.4 million shares, far above the average volume of 1.3 million shares.
Year-to-date, TOP stock has surged by more than 240%.
