TOP Financial Group (NASDAQ:TOP)–formerly known as Zhong Yang—added over another 54% in Wednesday afternoon’s trading. That has sent the stock up over 1,150% since just last Wednesday, and some are beginning to wonder how this is even possible.
Shares of TOP Financial opened at $53.41 and, within hours, cleared the $93 mark before retracing back to around $84. There were no SEC filings to suggest a reason, nor was there any significant news, just an upward trajectory that left many analysts utterly gobsmacked. Even TOP itself is puzzled by what’s happening here, and it issued a statement that cautioned investors to focus on SEC filings or statements issued from the company itself or from “authorized representatives.” In other words, nothing that’s actually been seen yet.
This suggests one final possibility: a new meme stock, already in progress. Meme stocks have had unexpected jumps before, and TOP Financial has already proven attractive with the Reddit group r/wallstreetbets.
A look at the last three months in trading for TOP stock underscores the potential that this is a new meme stock. From February to most of April 2023, TOP Financial is at a plateau around the $4 mark, with little variance in between. Then, the last days of April into May arrive, and suddenly TOP Financial blows its top and goes screaming into the three-figure range.
